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GDP a good measure of Economic welfare

If we are to take “economic welfare” to mean a country’s overall wealth then I would have to say that I disagree with that statement. Some would argue that the GDP is a excellent measure of the economic welfare(wealth). They would most likely argue that the GDP includes all the components necessary to properly calculate the wealth of a country. ...

     The GDP fails to include voluntary work, and the work of homemakers. ... In order for this to be calculated in the GDP, two stay at home mothers would have to clean each others house and pay each other. Voluntary work also contributes to the welfare of a country, wether money is being exchanged or not the labor is being done.

     GDP also neglects to put value on leisure activities. The mental welfare of the populous should be
calculated into the wealth of a country.


Approximate Word count = 696
Approximate Pages = 2.8
(250 words per page double spaced)

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