What Gross Domestic Product ( Gdp ) Is A Better Life Essay

HoChun Lam Professor Robert Horito ECON-2010-380 October 31, 2015 Life Quality and Economy Most people may know what gross domestic product (GDP) is. And most people think that if a country has a high GDP, it tells us the country is strong. High GDP countries’ people have higher salary, higher material life, and more economic activity. However, it does not mean that high GDP countries’ people have a better life. For example, most of high GDP countries have serious pollution problem. Therefore, they have to spend a lot of money on health care. Do they really have a better life? Also, GDP has advantages and disadvantages. GDP is only one of the methods to evaluate the quality of countries. One of the disadvantages of GDP is not comprehensive. Working is not only can be occurred in workplace. Workers can also work at home, like housekeeping and child care. And GDP would not count this type of job. However, they actually can develop the economic income. Moreover, a country can have really high GDP with only making a lot of production, but people who living in this country can be really poor. Also, the cost of natural disasters can increase GDP. However, is natural disaster a good thing? The answer is no for sure. The GDP would not show the impact of the environment. It only consider the positive side; therefore, it can tell GDP is not objective enough. On the other hand, I will explain the advantages of GDP as a measure of welfare. GDP is the total value of goods andShow MoreRelatedComparing The Australian Economy And The Chinese Economy1066 Words   |  5 Pagestechnologies, economic health, and the creation of an overall better quality of life. The comparison between the Australian economy and the Chinese economy provide a detailed and comprehensive view of both nations. China is of political, cultural and economic strategic importance to Australia. 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