GDP is the sum of all income earned in a country during a year. Alternatively, it can be thought of as the value of all products produced in an economy during a year. But does income measure happiness?
Reply to these questions to begin your discussion:
- Should GDP be adjusted or supplemented to consider measures for other things, such as products that are not exchanged in a market, pollution, leisure time, or health? If so, how would we adjust or supplement GDP to do this?