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GDP is a nominal value that is used to assess or determine a country's economic capital (Fraumeni, 2017). The GDP of a specific state reflects the value of that state in terms of finished goods and services provided within its borders. GDPs may be calculated periodically, semi-annually, or after each quarter of the year. The key importance of GDP measurements and annual analyses is that they are the primary predictor of the nation's systems of living conditions and general economic development (Fraumeni, 2017). When comparing the productivities of different countries, GDP provides economists with a high degree of precision. GDP measures the income of the people in a a given nation, productivity, and the general standards of living of individuals. The economic metric also gauges the expenditures of the different governments thereby giving the most accurate values of the prices of commodities and services being offered in a particular region (Fraumeni, 2017). Lastly, GDP measures the consequences of the balance of trade.
Gross Domestic Product has on numerous occasions been utilized in measuring the quality of life. However, economists have established that there exist different problems of Using GDP as a metric for well-being. First, GDP fails to adjust to suit the variation in the distribution of products. Secondly, this economic metric does not make any primary adjustments for leisure time making it an inaccurate tool in gauging the quality of lifestyle in a given nation (Thoma, 2016). Gross Domestic Product also does not adjust to pollution costs. The GDPs of two countries with similar productivity, income levels, and expenditures would be presumed to have similar GDPs. However, one of the two nations might be over polluted thereby predisposing its citizens to low-quality life.
Fraumeni, B. (2017). Gross domestic product: Are other measures needed?. IZA World Of Labor, 1(1), 1-11. http://dx.doi.org/10.15185/izawol.368
Thoma, M. (2016). Why GDP fails as a measure of well-being. Cbsnews.com. Retrieved 15 September 2017, from https://www.cbsnews.com/news/why-gdp-fails-as-a-measure-of-well-being/
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