GDP Essay Example | Topics and Well Written Essays - 500 words - 2

gross domestic product - Essay ExampleFirstly, it fails to imply harmful side effects in its calculations. For instance, economic bads like pollution are excluded in GDP statistics. This, therefore, implies that GDP fails to take into account the social well- world of individuals as it ignores activities that affect peoples vitality standards. Secondly, GDP fails to take into account leisure or human costs as well as the r chargeue that is generated during such times. Additionally, no consideration is given to how hard individual work to produce yield (Mankiw, 2012). The GDP measure also fails to take into accounts things such as love, volunteering, vibrant and supportive community and friendships even though they contribute to social well-being of individuals. Finally, GDP statistics does not take into account underground economy. These are cash transactions that occur outside of recorded market dwellings, and they can be both legal and illegal. juristic ones are undertaken to a void taxes while illegal ones include trafficking in illegal drugs (Baumol & Blinder, 2011).Yes, economic growth and productivity can align to Saint Leos Core Values. For instance, a dry land postulates to put in place some policies in order to achieve high economic growth. First, the citizens need to be responsible stewards. They need to use the resources they are enable with efficiently, effectively and economically. By putting the little resources they may be endowed with to maximum use, they will ensure that there are little or no wastages at all. Secondly, the countrys leadership should be of high integrity. This will ensure that the country excels economically and lives its goals by being consistent in economic performance. Finally, an increase in GDP indicates an economic growth that in manoeuvre results in a collective growth in well-being. Leaders should strive to create a socially responsible environment that is able to challenge every