Gross Domestic Product (GDP) has long been used as a primary indicator to measure the economic performance of a country. However, it has come under increasing criticism for its inability to adequately reflect the welfare or well-being of a nation’s citizens. GDP measures the total market value of all goods and services produced within a country, but it does not account for income inequality, environmental degradation, or the overall quality of life. For instance, GDP growth can occur even in situations where wealth is concentrated in the hands of a few, or where natural resources are being exploited at an unsustainable rate. Moreover, it does not capture aspects such as healthcare quality, education, or mental health, all of which are critical components of a nation’s welfare. Therefore, many experts argue that GDP alone is an inadequate gauge of a country's overall welfare and that a more comprehensive measure is needed. Question: Do you agree that GDP is an inadequate measure of ...
Comments
Post a Comment