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The Main Outcome of Economics

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Is the main outcome of economics (high standard of living) the only relevant question within the realm of economic analysis? Do you agree? Is quality of life also important?

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Solution Summary

The main outcomes of economic are analyzed. Why quality of life is important is determined.

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Remember that I cannot do the assignment for you - I may only push you in the right direction.

This is a question asked by the famous writer G.K. Chesterton.
Think about the question this way: there are two ways to understand social phenomena: The first and quantitative and the other is qualitative. The two approaches should serve as the answer to this question.

The quantitative approach deals with measurable things like standards of living, purchasing power, inflation, rates, etc.

The qualitative approach deals with things that are not so easy to ...

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