Question
Is real GDP per person a sufficient measure of well-being? Economists tend to focus on real GDP per person as their primary way of comparing
Is real GDP per person a sufficient measure of well-being?
Economists tend to focus on real GDP per person as their primary way of comparing living standards among countries. But they are also aware that real GDP per person does not capture many factors that affect the quality of life. Does the country with the highest GDP per person have the lowest infant mortality or the highest life expectancy? Can poorer countries do well on these alternative measures of well-being? Could people be misled about differences in living standards if they only compared different countries' levels of GDP per person?
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