GDP is not a valid indicator of welfare in a country : vimar

GDP is not a valid indicator of welfare in a country
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By Andreas Charalambous and Omiros Pissarides
It is generally acknowledged that the ultimate objective of governments should be to improve the welfare of their citizens. Traditionally, the GDP per capita, which measures the production of goods and services, is used as a representative indicator.
At a scientific level, however, the use of GDP as a welfare indicator is strongly contested. The criticism relates to the difficulty in making international comparisons, because of different price levels and unequal distribution of wealth among countries. Even more important, from a practical perspective, is...

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Andreas Charalambous , Omiros Pissarides , , Valid , Indicator , Welfare , Country , செல்லுபடியாகும் , நலன்புரி , நாடு ,