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The single best gauge of economic success is growth in GDP per person, not total GDP. [1] GDP per person, also known as GDP per capita is a simple definition of individual economic productivity as well as a rough proxy for average living standards, for individual prosperity. [3]
By arguing that "prosperity – in any meaningful sense of the word – transcends material concerns", [3] the book summarizes the evidence showing that, beyond a certain point, growth does not increase human well-being. Prosperity without Growth analyses the complex relationships between economic growth, environmental crises and social ...
Genuine progress indicator (GPI) is a metric that has been suggested to replace, or supplement, gross domestic product (GDP). [1] The GPI is designed to take fuller account of the well-being of a nation, only a part of which pertains to the size of the nation's economy, by incorporating environmental and social factors which are not measured by GDP.
Gross domestic product, or GDP, represents the total value of all goods and services produced within a country during one year. Depending on the report, one year can be either one fiscal year or ...
GDP also does not capture certain phenomena impacting citizens' well-being. [56] For example, traffic jams could cause GDP to increase as there is a higher consumption of gasoline, however, GDP fails to consider citizens' well-being in terms of the quality of air due to air pollution from the traffic jams. [57]
Using recent data from a broader collection of countries, a positive link was found between GDP and well-being; and there was no point at which wealthier countries' subjective well-being ceased to increase. It was concluded economic growth does indeed increase happiness. [180]
GDP does not measure factors that affect quality of life, such as the quality of the environment (as distinct from the input value) and security from crime. This leads to distortions - for example, spending on cleaning up an oil spill is included in GDP, but the negative impact of the spill on well-being (e.g. loss of clean beaches) is not ...
Ultimately, “the earlier growth hormone therapy is started, the more effective it can be in maximizing a child’s growth potential,” Waikar says. “However, depending on the specific ...