Gross Domestic Product was designed as a measure of economic activity, specifically a measure of national production. Despite this intent, GDP is widely interpreted as a measure of economic welfare or standard of living (when measured in per capita terms). • What is the single biggest shortcoming of using GDP as a measure of economic welfare? Explain fully. Try to use a source to support your opinion. • Given this shortcoming, what would you like to add to (or subtract from GDP to make it a better reflection of how well people are doing in a nation? Explain fully. Try to use a source to support your opinion. • Find a non-textbook-like source a news article, opinion piece, or research article) that supports one of your answers above. • Provide a summary in your own words of this source • Provide an active link (written as an APA citation) to this source at the end of your response.

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Shortcomings of GDP as a Measure of Economic Welfare The single biggest shortcoming of using GDP as a measure of economic welfare is its inability to ... View the full answer