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Unformatted text preview: Intermediate Macroeconomic Analysis Spring 2011 1 Department of Economics University of Maryland Economics 325 Intermediate Macroeconomic Analysis Supplement 1 Professor Sanjay Chugh Spring 2011 The following article appeared in the Wall Street Journal on January 10, 2011. It discusses possible broader measures of national economic well-being than gross domestic product (GDP), an idea which has been gathering support in several countries in recent years. As the article discusses, there are both pros and cons of broader “national happiness” measures. Intermediate Macroeconomic Analysis Spring 2011 2 THE OUTLOOK JANUARY 10, 2011 Nations Seek Success Beyond GDP By MARK WHITEHOUSE Money isn't everything. But in measuring the success of nations, it isn't easy to find a substitute. Political leaders are increasingly expressing dissatisfaction with gross domestic product—a monetary measure of all the goods and services a country produces—as a gauge of a nation's success in raising living standards. In November, British Prime Minister David Cameron announced plans to build measures of national well-being that would take into account factors such as peoples' life satisfaction, following a similar effort by French President Nicolas Sarkozy. Their efforts cut to the core of what economics is supposed to be about: What makes us better off? How can we all have more of it? Anyone hoping for a clear-cut answer, though, is likely to be disappointed....
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This document was uploaded on 11/01/2011 for the course ECON 325 at Maryland.
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