This was my discussion------See below

GDP stands for Gross Domestic Product. It is the economic value of all output produced by a nation during a specific period, without regard to where the product is consumed. Goods produced and services provided in a country during one year. GDP measures the welfare of a nation. However, GDP has certain limitations.

Gross Domestic Product (GDP) excludes non-market transactions. It excludes most productive activities such as domestic work leading to an underestimation of GDP. GDP does not account for the quality of goods. The goods purchased by consumers may be cheap, low-quality products, short-lived products repeatedly rather than purchasing more expensive, long-lasting goods. GDP does not account for or represent the degree of income inequality in society.

Another limitation of GDP is that it does not account for costs imposed on human health and the environment of negative externalities that arise from the production or consumption of the nation's output. GDP also does not account for the sustainability of economic activity. It does not consider the cost that the future generation has to bear for today's production.

These were the responses----- See below

Your post really got me thinking. I liked what you said about the quality of goods. Maybe since the GDP is often touted as the "how good a country is doing" thermometer, there could be criteria for taking away points for poor quality. I understand that competition takes care of some of that. However, just a thought!

Your points on income equality and costs on human health are interesting and I don't know if I follow you but there are other economic indicators that cover those, like the quality of life, inflation, unemployment, health expenditures, and life expectancies. These are not covered under GDP however they are related. The numbers indicate that countries with relatively high real GDP per capita will have relatively high life expectancies and literacy rates.

We here in the USA could definitely do better, however as a comparison in 2012 global income average was $13,695. The US average was $50,586. That same year in the US our poverty level was $11,170. In perspective, our poverty level was close to the global average for income. We are far from ok, I am just saying compared to the rest of the world, we are ahead of the game in improving the quality of life for all.

Your point on sustainability is a great one. This is something I will leave for another post or maybe someone else to chime in on.

Great points!

I am having trouble responding back. Confused by the response. Any help responding to the above will greatly appreciate.