Question
(B) It is often argued that many things that contribute to people's material betterment and general well-being are not included in the GDP measured calculations.
(B) It is often argued that many things that contribute to people's material betterment and general well-being are not included in the GDP measured calculations. The textbook, the power-point, and the relevant supplementary reading, discussed a number of them. What are they, and why and how are they not included? If they were or could be included, would it suggest that GDP growth had been more or less than the measured Gross Domestic Product? In this context, supposed that it became possible to include various "positive" or "negative" externalities in measured GDP? What is an "externality"? How might that impact measured GDP if such externalities were included?
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