Is GDP Growth A Good Indicator Of Improving Quality Of Life?

[MathewSmith]

No, it's not a good indicator. Cause it shows the net production but not the entire one. It doesn't include speed money and black money which occupies a larger space in one country's economy. It also doesn't include the amount of debt a country has. Besides people who earn their livelihood by small work like theft, begging, selling things, moving to different places do not participate in increasing GDP. So GDP is a picture of a nation's economy but not it's representative.

 

[eagle1462010]

 

[EdwardBaiamonte]

No, it's not a good indicator. Cause it shows the net production but not the entire one. It doesn't include speed money and black money which occupies a larger space in one country's economy. It also doesn't include the amount of debt a country has. Besides people who earn their livelihood by small work like theft, begging, selling things, moving to different places do not participate in increasing GDP. So GDP is a picture of a nation's economy but not it's representative.

GDP is best indicator. Compare USA and Botswana's GDP's and then pick which country you want to live in.