Read the following articles and answer the discussion questions in your initial posting by Wednesday...

Question

Read the following articles and answer the discussion questions in your initial posting by Wednesday Feb. 12th

Listen to the following podcast:

https://www.npr.org/sections/money/2019/04/08/ XXXXXXXXXX/how-to-measure-happiness

https://www.npr.org/transcripts/ XXXXXXXXXX?storyId= XXXXXXXXXX

http://www.youtube.com/watch?v=QUaJMNtW6GA
Discussion Questions:
1) After reading the Economist article, listening to the Planet Money podcast, and hearing Stiglitz speak, why is GDP considered an "imperfect" measure of the economy? What are some economic standards that the GDP fails to capture?
2) Economic growth can be defined as an increase in real GDP over time. We care about economic growth because we believe that this means that we improve people's living conditions and standards. However, the critique on GDP points out that GDP actually doesn't really capture improvements on living standards. Therefore, should we still worry about economic growth? Why or why not? If not, what other economic measures should we focus on?

gdp-article-ej1nfose.pdf

Arunavo · Accepted Answer

MACRO ECONOMICS
GDP AND ECONOMY
Table of Contents
Answer 1	3
Answer 2	3
References	4
Answer 1
GDP is the process to measure the transactions in market. As mentioned by Smith and Garcia (2019), GDP does not take into consideration the social cost, environmental impacts and the income inequality to represent an economy. If any business organization uses the GDP method of accounting calculation then the purpose is to maximize the gross revenue. However to maximize the revenue the style of calculation can compromise on profitability, efficiency, sustainability and flexibility (The Economist, 2016). Hence,

Read the following articles and answer the discussion questions in your initial posting by Wednesday Feb. 12th Listen to the following podcast: https://www.npr.org/sections/money/2019/04/08/...

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