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GDP as a measure of welfare - Research Paper Example

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The aim of the paper “GDP as a Measure of welfare” is to measure happiness by interviewing people about how they feel about their health, wealth, and education and then attaching weights to the respective responses. It measures the well-being by incorporating material and spiritual development…
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GDP as a measure of welfare
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GDP as a measure of welfare

Download file to see previous pages... This measures happiness directly by interviewing people about how they feel about their health, wealth, and education and then attaching weights to the respective responses.One good thing about this measure is that it measures the well-being by incorporating material and spiritual development side by side as explained by sustainable development, cultural values, conservation, and good governance. Country SWL IndexKuwait 240Uruguay 176South Sudan 120*Burkina Faso 156.67Zimbabwe 160Hungary 190Note: South Sudan SWL Index of 120 is for the greater Sudan before it seceded.(b) Kuwait versus UruguayWhere it compares poorly against Uruguay: Adult Literacy and Life Expectancy at Birth.Here it fares better against Uruguay: Real GDP per capita and Internet user population percentage.(c) GDP tends to determine most of the variables. The plot below is a display of the trend of the percentage each value contributes over time or ordered categories. GDP is not a good measure because it does not take into account the specific distribution of the incomes to the hands of individuals. They could only be going to few hands hence it does not measure the general welfare of the people.One good thing about this measure is that it measures the well-being by incorporating material and spiritual development side by side as explained by sustainable development, cultural values, conservation, and good governance. Country SWL IndexKuwait 240Uruguay 176South Sudan 120*Uruguay 176South Sudan 120* ...Download file to see next pagesRead More
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