How Is the Gross Domestic Product (GDP) Lacking as a Measure

question 37

Essay

How is the Gross Domestic Product (GDP) lacking as a measure of societal wellbeing? Describe two alternative progress indicators and how they are superior to the GDP.

---

Definitions:

Operationalization

The process of defining measurement criteria for abstract concepts to enable their empirical, quantitative measurement.

Abstract Concept

A theoretical idea that is not associated with any specific physical object or real entity, often requiring complex thought and understanding.

Testable Variable

An element or factor in a scientific experiment that can be altered and measured to determine its effects on the outcome.

Psychological Conflicts

Internal struggles resulting from incompatible or opposing desires, demands, or impulses.