I have this macroeconomic question that I have to answer it in two pages.
The oldest formal statistical metric of macroeconomic performance is GNP, Gross National Product, which was first measured and published for the year 1933. We now prefer GDP, Gross Domestic Product. Citation of figures for GDP, GDP per capita, and GDP growth rates are now a matter of routine in the culture of journalistic reporting on society.
A) Discuss the use of such national income accounting metrics as GDP as measures of social well-being.
B) Is GDP a useful and accurate guide to the attempt to quantify the welfare of society in the aggregate? Explain.
C) Is the question, “Would you rather live in a country with a high GDP growth rate or a low GDP growth rate?” merely rhetorical?
{Hint: consider a thoughtful reference to concepts and references presented in:
Fleurbaey, Marc [2009], “Beyond GDP: The Quest for a Measure of Social Welfare,” Journal of Economic Literature 47, 1029-1075. org/stable/pdfplus/40651532.pdf?acceptTC=true”>http://www.jstor.org/stable/pdfplus/40651532.pdf?acceptTC=true}
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