Question
GDP per capital or any National Income statistics cannot be used to measure living standards or compare different countries, due to the number of deficiencies
"GDP per capital or any National Income statistics cannot be used to measure living standards or compare different countries, due to the number of deficiencies that it has".
I. EXPLAIN how national income data is compiled?
II. What deficiencies is this statement talking about?
III. Why do Economists still use GDP per capital to compare or rank countries if there are such deficiencies?
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Economics of Strategy
Authors: David Besanko, David Dranove, Mark Shanley, Scott Schaefer
6th edition
978-1118273630, 111827363X, 978-1118319185
