Jul 25, 2017

What are some limitations of the Gross Domestic Product measure and some ideas for improving it?

This paper concentrates on the primary theme of What are some limitations of the Gross Domestic Product measure and some ideas for improving it? in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

Alternative Measures of Economic Growth and Progress





Explore the following links to address the assignment below.

"Measures of Well-Being: There is more to it than GDP," a publication from the research arm of Deutsche Bank, gives an excellent overview of critiques of GDP as a measure of well-being and some basic information about several alternative measures such as the Weighted Index of Social Progress, the Index of Economic Well-being (from Canada), the Human Development Index, and the Genuine Progress Indicator. 

For a more detailed look at the Genuine Progress Indicator, which puts considerable weight on the costs of environmental degradation, see Redefining Progress`s web site. Also visit the European Environmental Bureau website at www.eeb.org. Search for "GDP limitations." Once there, click the link, "EEB Briefing Document: Ideas for Overcoming the Limitations of GDP as a Progress Indicator (December 2007)." What are some limitations of the Gross Domestic Product measure and some ideas for improving it?

Your Assignment: Choose one or two of the alternative measures of output or well-being noted.  If our standard measurement of economic progress that measure, instead of Gross Domestic Product (GDP), how would our behavior change?  “Behavior” refers to individual, business and government (state, local, national). Remember, environmental issues are not the only ones counted differently by the GPI than by GDP; work done at home, leisure time, crime, and other quality of life issues are also a part of the GPI measurement.


Your essay explaining the issues requested of 2-3 pages should be typed, showing proper grammar, punctuation, spelling, and sentence structure, with citations prepared in APA style.


Submit it through the assignment drop box on the course site by Sunday of Week 5


Alternative Measures of Economic Growth and ProgressName:Institution:Date:The GDP that is the Gross Domestic Product is a measure of economic growth that is used globally. GDP measures an economy`s growth by summing up the value of all goods and services produced in an economy in monetary terms CITATION Cos09 l 1033 (Costanza, Hart, Posner, & Talberth, 2009). Overall GDP is, therefore, the summation of consumption and government expenditures, net exports, and net capital formation of a country CITATION Cos09 l 1033 (Costanza, Hart, Posner, & Talberth, 2009).The Deutsche Bank, for example, criticizes the GDP approach as measuring components of the economy that do not promote the people`s well-being CITATION Ber06 l 1033 (Bergheim, 2006). It, therefore, proposes approaches that include non-economic domains and a broad measure that reflects the highest form of happiness for its citizens CITATION Ber06 l 1033 (Bergheim, 2006).GDP does not differentiate economic transactions that promote or reduce people`s well being or the sustainable and unsustainable transactions in the economy. Therefore, it tallies even the non-required expenditures attributed to aspects such as; crime, environmental degradation, and natural disasters CITATION Tal07 l 1033 (Talberth, Cobb, & Slattery, 2007). Several approaches have been proposed to replace GDP such as; Measures of Economic Welfare (MEW), the Weighted Index of Social Progress (WISP), and the Human Development Index (HDI) including the Genuine Progress Indicator (GPI) CITATION Ber06 l 1033 (Bergheim, 2006). However, this paper will focus on the GPI and its impact on economic behavior.Genuine Progress IndicatorThe Genuine progress Indicator (GPI) initially revised from the Sustainable Economic Welfare Index (ISEW) is a guide to welfare promotion economists proposed by Daly and Cobb in 1989 CITATION Cos09 l 1033 (Costanza, Hart, Posner, & Talberth, 2009). It takes into account current environmental aspects and use of...

100% Plagiarism Free & Custom Written,
Tailored to your instructions

International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

UK Registered Company # 11483120

100% Pass Guarantee

Order Now


We've produced some samples of what you can expect from our Academic Writing Service - these are created by our writers to show you the kind of high-quality work you'll receive. Take a look for yourself!

View Our Samples

FLAT 25% OFF ON EVERY ORDER.Use "FLAT25" as your promo code during checkout