GDP
1- answer to the questions below: (Min 250 words)
If society’s goal is to make people happier, and higher GDP isn’t closely associated with being happier, why do economists even talk about GDP? In the early 2000s, some people, part of a renewed “Simplicity Movement,” felt that accumulating material things reduced their happiness. Assuming they are truly happier with fewer material goods, what does this suggest about the connection between GDP and welfare?
2- Make constructive comment on each Response below: (betw 100-125words each)
Response 1: The measurement of Gross Domestic Products(GDP) does not measure either the society’s happiness or welfare system in any way. GDP does not answer the question on whether the civilians are pretty happy, somewhat happy, or not happy at all. In fact, most of the economic issues such as inequalities, poverty gaps, and unemployment tend to happen in countries with high GDP. Poor social development can occur while simultaneously living in a fast-pace growing economic group. This phenomenon stimulate the simplicity movement.
The simplicity movement’s purpose is providing a lower consumption, high quality life. It is true, over consumption is occurring in many situations. Destroying forrest for our consumption of furnitures, paper, etc. Overfishing for our consumption of seafood. In contrast, the idea of over production is co-occuring with this phenomenon. For example, the state approves a large amount of money every year goes into countless of projects that do not see an end. Factories and farms produce more than enough goods that nobody can afford or take use in. If this situation does not come to an end, the consequences will start to appear in our life. More resources are being put into produce for goods and causing waste; consumption of fish causing overfishing by companies, which results in not only bycatching animals, and also killing the population of sea animals and many related.
The simplicity movement can a difference, however it is not enough to say it has the effect to increase the citizens happiness. I mean who is going to believe the happy index that is measured by a survey that dose not have enough credibility to speak for everyone. When it comes to the end, we should sum up all the resources we have, rather it being the GDP, happy index, unemployment rate, and to make an assumption on how happy the citizens are.
Response 2: If society’s goal is to make people happier, and higher GDP isn’t closely associated with being happier, why do economists even talk about GDP? In the early 2000s, some people, part of a renewed “Simplicity Movement,” felt that accumulating material things reduced their happiness. Assuming they are truly happier with fewer material goods, what does this suggest about the connection between GDP and welfare? This is a difficult question to answer because there are a few ways to interpret an answer based on your thinking. GDP estimation does not imply a higher quality of life or economic well-being. GDP growth can occur even though social conditions are deteriorating. The key economic issues, such as inequality, hunger, and unemployment, occur in countries with higher GDP levels. Growing interest rates and a worsening liquidity trap were significant causes of the recession. Long-term jobs did not help the rehabilitation process. Because of its liberal and flexible economic and labor market laws, the US economy flourished during the same years. The simplicity revolutions advocated for social welfare rather than material progress. Economic measurements are incapable of analyzing peoples’ well-being and health. This campaign emphasized less material growth in exchange for a higher happiness index. Lower demand along with a higher quality of life suggests a country’s true economic strength. The predictable long-term career arrangement and seniority-based work structures in some countries are the key factors. Companies and businesses promote long-term employment by promising better wages in return for loyalty.
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