Economists can do a reasonably good job of calculating GDP, GDP per capita, NDP, etc. Do you agree? Discuss some non economic sources of well being-including the quality of life, and intangible measures of life satisfaction. Are you expecting to be better off than your parents are?

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Asked Nov 3, 2019
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Economists can do a reasonably good job of calculating GDP, GDP per capita, NDP, etc. Do you agree? Discuss some non economic sources of well being-including the quality of life, and intangible measures of life satisfaction. Are you expecting to be better off than your parents are?

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Expert Answer

Step 1

GDP refers to the Gross Domestic Product. It is the value of all the final goods and services produced in an economy in a period of time.

NDP stands for Net Domestic Product. It can be calculated as Gross Domestic Product minus depreciation.

GDP per capita can be calculated by dividing the GDP by the total population.

Economists do a very good job of calculating GDP, GDP per capita, NDP etc. to compare the economies of different countries and framing policies for the future to ensure economic growth of the country. However, some of these measures may not take some factors that cannot be measured in monetary terms into account which may not help in comparing all aspects of the economies.

Step 2

Quality of life is the well-being of people measured by taking into account health, wealth, employment, education, happiness etc.

Some intangible measures of life satisfaction include happiness, physical health, mental health etc.

Happiness of an individual cannot be measured in some units. It depends on day-to-day activities, relationships with family and friends etc. A happy person usually seems to be mor...

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