This research examines national income in general, and the use of one metric (real GDP) in particular. Real GDP is then contrasted against standard of living for its relevance and appropriateness.
Written in 2002; 1,610 words; 5 sources; MLA; $ 52.95
Paper Summary:
This paper begins by introducing the concept of the GDP and defines national income. It then examines factors which influence the real GDP and factors which the real GDP does not address. It then discusses the concept of "standard of living" and looks at alternative approaches to GDP as a measure of well-being.
From the Paper:
"There are a variety of uses for measures of national income. Governments are interested in national income since it helps them determine levels of taxation and the economic activity generated by the nation as a whole. Trade agreements can be based on a nation's national income and its income relative to other economies. Companies are interested in national income in order to determine countries which might represent significant new markets, or to gauge the effectiveness of competitors based on other countries. Individuals might be interested in national income in order to identify potential investment opportunities, or to even make relocation decisions. These are only some of the reasons which support the desire to develop some type of national income measure."
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