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GDP and Per Capita GDP are two of the most basic and most widely used economic measures. These broad measures provide interesting and useful information about a nation’s economy as a whole, and per capita GDP is the standard measure of the standard of living.
These measures are often criticized for not being a measure of quality of life(whatever that means, as there is no standard definition of quality of life). However, GDP was never intended to measure quality of life, just output and the income that the production process produces.
Please read these handouts to learn more about GDP and Per Capita GDP.
GDP Overview Presentation
Quality of Life Discussion Paper
Discussion Questions — Answer All
Please share your thoughts on the following:
Is GDP an adequate measure of national economic activity?
Should GDP be replaced by a new quality of life measure?
Or should there be separate measures of economic output (GDP) and quality of life?
Or some combination?
