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why is gdp an imperfect measure of economic well being?

GDP is often considered as a measure of economic well-being. An increase in the economy’s GDP is regarded as an improvement in the economic well-being. But there are several limitations in using GDP as a measure of economic well-being. These are – i) Increase in GDP can be accompanied with higher levels of pollution which actually decreases welfare. ii) Increase in GDP can also increases…

equality. The rich can get richer and the poor poorer. This also decreases welfare. iii) GDP is a quantitative measure, but, welfare is qualitative concept. Hence it is difficult to measure economic welfare through GDP. iv) GDP may increase at the cost of leisure, which signifies decline in economic welfare.

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