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12/12/22, 3:21 PM W2: GDP as a measure of well-being – ECON102 D005 Fall 2022

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W2: GDP as a measure of well-being

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Week 2 Discussion Post2: Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does not perfectly measure well-being of a nation and its citizens’ welfare. Discuss what GDP is and what it measures? Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are?

Your initial discussion posts must be submitted by midnight, Day 3 and then your responses to 2 of your classmates’ posts by have to be submitted by midnight, Day 7.

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Week 2 Discussion Jonathan Malcolm posted Dec 12, 2022 6:13 PM Subscribe

Gross Domestic Product or (GDP) is more simply measuring the final goods and services

that a country produces in a year. With GDP measuring goods and services and not the

well-being of the people providing or manufacturing these goods and services, it doesn’t

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12/12/22, 3:21 PM W2: GDP as a measure of well-being – ECON102 D005 Fall 2022

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Pryde Black

always accurately display the citizens welfare. “Gross domestic product was designed to

measure production capacity and economic growth”

The limitations that come with measuring and economy based solely on GDP would be a

long list, but to name a couple there’s the impact on the environment that some of these

goods and services cause. For instance look at a car manufacturing company that’s

producing cars (goods for the economy) but that impact of the manufacturing plant is not

taken into account. The other point I would like to touch on is that, GDP and measuring

the economy with that was originally intended to be used during the war. That made this

tool of looking at how the economy is doing was tailor made for a war time period, not

peacetime like we’re in now.

Kapoor, Amit, and Bibek Debroy. “GDP Is Not a Measure of Human Well-Being.” Harvard

Business Review, 4 Oct. 2019, https://hbr.org/2019/10/gdp-is-not-a-measure-of-human-

well-being.

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W2: Discussion Bessy Guevara posted Dec 12, 2022 4:38 PM Subscribe

Hello Dr. Wu and classmates, Gross Domestics Product (GDP) is the total value of all final goods and services produced in an economy in a given period. GPD is used as a measure of economic growth. The services and goods produced in a given period are divided into components based on who buys those goods and services. The components of GPD are personal consumption, gross private domestic investment, government purchases, and net exports. Personal consumption is the total value of goods and services purchased by households, which makes up the most significant share of GPD. Gross private domestic investment is the total value of goods and services used to make other goods and services.

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Last post 1 hour ago by Pryde

Black

Government purchases are the total value of goods and services made by government agencies and the total output of goods and services produced by government agencies. Net Exports are a country’s total value of sales of goods and services made to other countries. Gross Domestic Product (GDP) is not a good measure of a nation’s welfare because it does not measure the quality of life; it only measures the goods and services produced. GPD does not consider leisure time, environmental quality, or the underground economy, which is the value of all economic activity that is not reported to the government. Additionally, it does not take into account the value of the work you decide to do in your household, like, growing your vegetables or washing your own car. In conclusion, a higher GDP does not reflect the well-being or welfare of a nation.

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Week 2 Pryde Black posted Dec 12, 2022 12:45 PM

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Last post 4 hours ago by Bessy

Guevara

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Gross Domestic Product measures the monetary value of final goods and services. Gross

domestic product is made up of service and goods that are made for purchase in the

market but not limited to nonmarket production. So it is my understanding that gross

domestic product means the measurement of the total goods produced by a country in a

specific time period. Gross domestic product is the health of a country is the gross

domestic product is high the country has a good economy and if it’s low that would mean

the country has a poor economy. Gross domestic product is the indicator of a country

which means it is possible for it to be off or wrong in sense.

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Mize Week 2 Discussion thomas mize posted Dec 12, 2022 1:01 PM

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Last post 4 hours ago by Bessy

Guevara

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Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does not perfectly measure well-being of a nation and its citizens’ welfare. Discuss what GDP is and what it measures? Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are?

What is GDP? GDP is Gross Domestic Product and what is does is measure the value of all products and services that were created and provided in a country in a calendar year. A nations GDP is provided in the monetary currency, but is normally looked at in the increase of decrease of percentage changes that occur. An easy way to measure this is if there is an increase in the percentage change of the GDP then typically that is an indicator that the economy is growing. If the percentage of GDP is decreasing it is an indicator the economy is moving towards a recession. GDP is measured in several ways, the primary being the valuation of goods and services, but there is also income earned and goods and services that are purchased.

Shortcomings of GDP are the fact that when goods are sold among its citizens and not taxed then those values are not annotated on the GDP. One thing that comes to mind as pertains to this is say a Farmers Market. This is something done regularly in the south and maybe other areas as well, but it is where a group of local farmers set up their own fruit/vegetable stands and sell their goods directly to the public. With this the products are being handed from farmer to consumer without taxation. Thus the value is not being recorded. GDP also does not show income disparity, or where exactly the growth in the economy is coming from.

-Thomas

Mateen (2020) 1. what is GDP and how is it measured?, Simply Economics. Available at: https://simplyeconomics.org/what-is-gdp-and-how-is-it-measured/ (Accessed: December 12, 2022).

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Response Shaun Richardson posted Dec 10, 2022 11:35 PM

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Last post 8 hours ago by Shaun

Richardson

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Good evening,

you hit it right on the nose. It the simplest ways I could not have done it myself. Personally

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