If prices rise, peoples income from selling goods increases. The growth of real GDP ignores this gain,

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If prices rise, people’s income from selling goods increases. The growth of real GDP ignores this gain, however. Why, then, do economists prefer real GDP as a measure of economic well-being?

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Economics

ISBN: 9781408093795

3rd Edition

Authors: Mark P. Taylor, N. Gregory Mankiw

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Question Posted: Nov 04, 2024 07:01 AM

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If prices rise, peoples income from selling goods increases. The growth of real GDP ignores this gain, however. Why, then, do economists prefer real GDP as a measure of economic well-being?
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If prices rise, peoples income from selling goods increases. The growth of real GDP ignores this gain,

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Economics

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