Part of our discussion of macroeconomics has been considering how the economy ought to be measured. This week in class we talked in detail about the use of Gross Domestic Product (GDP). We have also seen that some theorists would rather broaden our focus to wellbeing generally, or to narrow it to something like income inequality.

For this assignment, you will decide how you think policymakers should evaluate the economy. Please write a 300-500 word essay answering this question:

• What measure of the economy should policymakers give greatest importance when making economic decisions?

Be sure to have a thesis, and to support your thesis with at least two arguments.