In this discussion question, you will discuss the pros and cons of GDP and growth as a measurement of well being.
Explore one of the following links to address the question posted below. "Measures of Well-Being: There is more to it than GDP," a publication from the research arm of Deutsche Bank, gives an excellent overview of critiques of GDP as a measure of well-being and some basic information about several alternative measures such as the Weighted Index of Social Progress, the Index of Economic Well-being (from Canada), the Human Development Index, and the Genuine Progress Indicator. For a more detailed look at the Genuine Progress Indicator
rprogress.org/sustainability_indicators/genuine_progress_indicator.htm
which puts considerable weight on the costs of environmental degradation, see Redefining Progress's web site.
After your research, answer the following question:
Choose one of the alternative measures of output or well-being noted above. If our standard measurement of economic progress was something other than Gross Domestic Product (GDP), how would our assessment of well-being change? In particular, how would taking into account environmental issues, work done at home, leisure time, crime, and other quality of life issues affect our measurements of well-being?.
In this discussion question, you will determine the stage of the business cycle that best describes where the US economy now stands, using GDP growth, unemployment and inflation as metrics. Go to the websites for the Bureau of Economic Analysis (www.bea.gov) and the Bureau of Labor Statistics (www.bls.gov) to find data for the last full year (2016) on GDP growth, unemployment, and inflation (as measured by the CPI). Are these measures higher or lower than in previous years (say 2008-2009)? What circumstances or trends do you think contribute to the difference?