The Real GDP Measurement
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This paper defines GDP (Gross Domestic Product) and uses Qatar as an example of its application; however, the author contends, there are a number of reasons GDP cannot be relied upon solely to determine the economic wellness of a country. Instead, the author states that the real GDP must take into account the population. The paper concludes that, to measure the real GDP as an indication of economic well-being, factors such as per-capita income, composition of goods and the happiness of the citizens must be considered.
From the Paper:"What if an increase in GDP is because of the increase in inflation? Inflation increases the price of everything and because of this the value of GDP increases. This type of increase in the value of GDP because of inflation is also not very good as economic wellness and people's standard of living is directly related to the physical quantity of goods being produced and not the quantity. So, we need to taking into account the inflation factor also and adjust the nominal GDP with inflation factor to arrive at the real GDP and only this way we can tell whether or not the country is enjoying economic well-being or not."
Sample of Sources Used:
- John Sloman (2001). Economics. Pearson Publishing
- Collin Bamford. (2003). As and A Level Economics. Cambridge University Press.
- Lipsey and Chrystal. (2002). Economics. Oxford University Press.
- Manuel G. Velasquez (2001). Business Ethics: Cases and Concepts. Prentice Hall
Cite this Argumentative Essay:
The Real GDP Measurement (2011, August 30) Retrieved December 10, 2023, from https://www.academon.com/argumentative-essay/the-real-gdp-measurement-148068/
"The Real GDP Measurement" 30 August 2011. Web. 10 December. 2023. <https://www.academon.com/argumentative-essay/the-real-gdp-measurement-148068/>