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Economic Policy

C/E/381. Does GDP reflect the standard of living of a country?

WORDS:
2300
DATE:
2009
PRICE:
29.99 GBP

The paper examines whether the real Gross Domestic Product (GDP) per capita reflects a country's standard of living and citizens' quality of life. The challenges of measuring the standard of living are outlined, the methods of measuring GDR are described, the difference between nominal and real GDP is explained highlighting advantages and disadvantages of using GDP per capita as an indicator of the standard of living, and considering alternative social indicators, i.e. life expectancy, health and safety factors, etc.

 

KEYWORDS: Gross Domestic Product, GDP, Per Capita, Standard of Living,

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