Most Economists, Policymakers, Social Scientists, and Business Analysts use a co

Question

Most Economists, Policymakers, Social Scientists, and Business Analysts use a country’s real GDP per capita as the main indicator of the average person’s standard of living in that country. Robert Kennedy expressed his disagreement with the over-reliance on the use of GDP per capita with the following comments:

“Gross Domestic Product”, he argues “… does not allow for the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials. It measures neither our courage, nor our wisdom, nor our devotion to our country. It measures everything, in short, except that which makes life worthwhile, and it can tell us everything about America except why we are proud that we are Americans.” - Senator Robert Kennedy, 1968

Do you agree or disagree with the late Robert Kennedy’s assessment of the importance of GDP per capita in determining the standard of living? Provide reasons to support your position.

Explanation / Answer

yes i agree with Robert Kennedy , giving imporatnce to gdp means we r considering only numbers but not the qualitative improvements in standard of living as well as we are ignoring the role of distribution of gdp plays in the welfare of nation and its citizens

economist gives importance to development and not growth.

because development is broader term which includes not only change in GDP like economic groeth, but also includes education, health, improvement in standard of living, removal of poverty, unemployment, casteism, racism, and discrmination, distribution of income, sustainability of development, etc which are required so that each and every citizen can enjoy peaceful and good life.

if gdp increases that doesn't mean that all will be benefitted, as it depends on the distribution of gdp, whether growth is inclusive or not, that means whether all are benefitted due to increase in gdp or not.

that 's why Robert is right in his argument

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