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Econ101 sum97 Readings Ch, 7,6,818

Econ101 sum97 Readings Ch, 7,6,818 - Quiz#4 Reading 16 1...

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Quiz #4 Reading 16 1. According to the author GDP treats crime, divorce and natural disasters as economic gain, ignores the non-market economy of household and community, treats the depletion of natural capital as income, increases with polluting activities and then again with clean-ups, takes no account of income distribution, and ignores the drawbacks of living on foreign assets. 2. GPI is the genuine progress indicator, which is a new measure of the economic well-being of the nation from 1950 to present. It broadens the conventional accounting framework to include the economic contributions of the family and community realms, and of the natural habitat, along with conventionally measured economic production. 3. GPI is superior to GDP because GPI takes into account more than twenty aspects of our economic lives that GDP ignores. It includes estimates of the economic contribution of numerous social and environmental factors, and differentiates between economic transactions that add to well being and those which diminish it. The benefits of economic activity are weighed against the costs. 4. The main differences are that GPI subtracts the costs from crime and divorce, includes the value of household work figured at the
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