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

GDP - Essay ExampleFirstly, it fails to include harmful facial expression effects in its calculations. For instance, economical bads like pollution are excluded in GDP statistics. This, therefore, implies that GDP fails to take into account the social well-being of individuals as it ignores activities that affect peoples living standards. Secondly, GDP fails to take into account leisure or human costs as well as the revenue that is generated during much(prenominal) times. Additionally, no consideration is given to how hard individual work to produce output (Mankiw, 2012). The GDP measure also fails to take into accounts things such as love, volunteering, spirited 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 proceedings that occur outside of recorded marketplaces, and they can be both legal and prohibited. Legal ones are undertaken to avoid 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 country needs 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 endowed with efficiently, effectively and economically. By putting the petite resources they may be endowed with to maximum use, they will ensure that there are little or no wastages at all. Secondly, the countrys leaders 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 turn results in a collective growth in well-being. Leaders should strive to create a socially responsible surround that is able to challenge every