Article Summary While gross domestic product (GDP) measures the size of a nation's economy and is widely used as an indicator of living standards, it does have limitations in that it does not fully take into account quality of life. GDP does measure the value of goods and services produced in an economy. but it does not take into account any positive or negative effects resulting from the production process, including such things as environmental damage or health issues. GDP also focuses on production, whereas today's society is increasingly driven by the growing service sector. In attempting to more accurately represent modern economies, some countries have developed alternative measurements of well-being to complement the data measured by GDP. India is one of these countries, and its Ministry of Housing and Urban Affairs has developed the Ease of Living Index which is designed to measure quality of life as well as economic ability and sustainability. These new measurements are expected to provide more accurate insights into development, living standards, income distribution. and overall well-being within societies. Source: Amit Kapoor and Bibek Debroy. "GDP Is Not a Measure of Human Well-Being." Harvard Business Review, October 4, 2019. Refer to the Article Summary. Today's society is increasingly driven by the growing service sector, and this includes an increasing amount of information and entertainment delivered free-of-charge via social media. All else equal, these free services being provided by social media will result in GDP being . what it would be if consumers had to pay for these services. higher than lower than equal to negative compared to