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How valuable are international league tables of GDP per head as indicators of relative standards of living?
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British Economy How valuable are international league tables of GDP per head as indicators of relative standards of living? It is not an easy task to gauge the progress of a nation based on its well-being, but there are techniques that are nevertheless used. Economists frequently make use of the model of gross-national product (GNP) or gross domestic product (GDP). GDP and GDP per head are widely used as abstract indicators of the discrepancies in the standard of living between countries. GDP is an indicator of market traded production or economic activity. The level of production determines the quantity of goods and services a country can afford to consume, which is one of the most important factors influencing living standards. In recent years the use of GDP has been criticized, and does have many flaws in that it does not account for many things which greatly influence the standard of living...
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