1. How can real GDP per person be higher in one country than in another even if the first country has lower aggregate reeal GDP than the second?
2. Under what circumstances might a significant rise in nominal GDP per person lead to a widespread of reduction in overall life satisfaction, after taking into account marital happiness, good health, and other factors likely to affect life satisfaction?© BrainMass Inc. brainmass.com March 4, 2021, 7:07 pm ad1c9bdddf
Does More GDP make more people happier?
1. How can real GDP per person be higher in one country than in another even if the first country has lower aggregate real GDP than the second?
Changes in real GDP per capita provide our best measures of changes in our material standards of living.
Real GDP is total output with prices held constant. Real GDP per capita is the real GDP per person in the economy and is the best measure of well-being of all the other measures.
One approximate means of calculating real GDP per capita is to identify the increase in nominal GDP and then ...
This solution helps answer whether more GDP makes more people happier.