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Economics - GDP Extra Credit

Economics - GDP Extra Credit - Airton da Silva Eco-215-02...

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Airton da Silva Eco-215-02 Macroeconomics Mr. Lawless 10/25/2006 GDP Extra Credit 1) If a fellow student, who has not taken economics, tells me that the higher a nation’s GDP is, the grater the societal well-being must be then I would agree with his comment. If a nation’s GDP is high, then it means the real GDP per person will be greater, because the higher a nation’s GDP is, the higher will the expenditure of each individual be, meaning a higher income or flow of money. However, this comment is dependent on the country’s population growth, therefore, a high GDP doesn’t make much difference to the societal well-being unless the real GDP per person increases. Also, another fact that needs to be taken into account, regarding the societal well-being of the people are household production, underground production, leisure time, environment quality, health and life expectancy, and political freedom and social justice.
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