Discuss some of the shortcomings of using GDP as a tool for economic measurement.© BrainMass Inc. brainmass.com October 10, 2019, 7:48 am ad1c9bdddf
While GDP provides a great snapshot related to the economic output of a nation, it does have certain shortcomings and limitations that lend to caution in terms of place to much extreme relevance on the figure that is generated. In short, one should not necessarily assume that an increase in GDP means that economic progress is being made in a country. While this is ...
This answer contains brief notes related to the shortcomings of GDP as an economic measurement.