In the prescribed research paper "Is Ireland really the most prosperous country in Europe?" Dr Patrick Honohan states there are "acute shortcomings" in using GDP in the Irish Economy as a measure of economic welfare.  Pleasde explain and critically evaluate this viewpoint put forward by Dr. Honohan

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Chapter5: Gross Domestic Product
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In the prescribed research paper "Is Ireland really the most prosperous country in Europe?" Dr Patrick Honohan states there are "acute shortcomings" in using GDP in the Irish Economy as a measure of economic welfare. 

Pleasde explain and critically evaluate this viewpoint put forward by Dr. Honohan

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