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Does a Higher GDP necessarily cause a Higher Standard Of Living?
Member rating: No Rating | Words: | Submitted: Thu Jul 11 2002
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Does a Higher GDP necessarily cause a Higher Standard Of Living? One of the uses of GDP is to measure economic well being of a country's population through their standard of living. When using GDP, it is necessary to use Real GDP per Capita. Personally I don't believe that a higher GDP causes a higher standard of living, although it might do for the higher echelons of society. There are many reasons why I believe this: Firstly, national GDP figures hide the regional disparities and variations in unemployment, output and incomes. IN addition, there also exists within regions various unemployment black spots which are contrasted with areas of prosperity. This is shown in the example of the UK - GDP is on average £15,000, while in a survey from MORI in 1997 it states that 12 million people lived in poverty as they earned under £175 a week (after tax) - approximately...
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