Jeremiah expressed his disdain for the economic reports he heard on the news. “All economists care about is increasing GDP”, he said. “ I wish economists cared about living conditions and well-being instead of just some economic indicator”. How could you acknowledge the shortcomings of GDP to Jeremiah, while also showing him how GDP functions as both an economic indicator and a measure of well-being?
Jeremiah expressed his disdain for the economic reports he heard on the news. “All economists care about is increasing GDP”, he said. “ I wish economists cared about living conditions and well-being instead of just some economic indicator”. How could you acknowledge the shortcomings of GDP to Jeremiah, while also showing him how GDP functions as both an economic indicator and a measure of well-being?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Jeremiah expressed his disdain for the economic reports he heard on the news. “All economists care about is increasing GDP ”, he said. “ I wish economists cared about living conditions and well-being instead of just some economic indicator”. How could you acknowledge the shortcomings of GDP to Jeremiah, while also showing him how GDP functions as both an economic indicator and a measure of well-being?
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