Posted by Marinda on .
Discuss the relationship between the level of Gross Domestic Product (GDP) and economic well-being. What factors of well-being are missing from the GDP? Is there a point where the GDP could increase to such a high level that economic well-being could be compromised? If so, describe some of the opportunity costs associated with maximizing the GDP.
Once again, it seems as though my class reading has only made me more confused. I understand what the GDP is and a little of how it works. If someone could maybe help me or give me some good web sites to research, it would be awsome!!!!!! Thanks!
GDP doesnt capture leisure time. So, GDP would go up if everybody worked more hours. Is this a good thing?
GDP doesnt (directly) capture pollution. So, we could increase GDP by removing scrubbers from smoke stacks. Is this a good thing?
Other things to think about. We could possibly increase GDP: By invading other countries, By relaxing child labor laws, By re-introducing slavery, etc.
omg wat is this slavery? child labor? invading countries wat is that