He has little time to enjoy nature or his family in

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Unformatted text preview: nk, owns a large home, drives a luxury car, and works 70 hours per week. He has little time to enjoy nature or his family. In contrast, Harris has $100 in the bank, owns a small home, drives an old car, and works 30 hours a week. He has much time to enjoy life. Who is better off—Franklin or Harris? In terms of expensive goods, Franklin certainly has more than Harris; in this one respect, Franklin benefits more than Harris. In terms of leisure time, though, Harris is better off than Franklin. In overall terms—taking everything into account—we cannot say who is better off. Similarly, we simply cannot say whether Americans are better off than the French on the basis of their GDPs. All we can say for sure is that Americans live in a country in which greater production exists. Being better off takes into account much more than simply how much output is produced. In assessing a country’s GDP, its population also must be considered. Suppose country X has double the GDP of country Y, but its population is three times as large. This would mean that on a...
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This document was uploaded on 01/16/2014.

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