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    The people and land Fritz 11/17/2020 (Tue) 01:25:44 No. 222
    As we can see, a high GDP per capita does not necessarily imply higher quality of life. For example, Luxembourg has a high GDP, but there are countries such as Canada and Norway which have a higher quality of life. If GDP were good at measuring welfare, then the countries with more GDP per capita would have a better quality of life, which as we can see from the graph is not the case.
    GDP is not very good at measuring quality of life, because it values marketable goods and services and not factors that determine quality of life, such as safety, work-life balance, and life satisfaction of the citizens, all of which, according to the OECD, determine the quality of life. But without GDP, where would the quality of life come?
    GDP is great to measure the aggregate value of goods and services being produced within a country and sold on the market. But although it is an amazing measuring device, GDP is often criticized because it only measures aggregate market activity and doesn’t measure anything that can’t be counted in terms of market prices. GDP is important to both quality of life and security.
    GDP is the market value of all final goods and services produced in a country within a given time frame, and GDP per capita is GDP divided by the population to find out the value per citizen. It is calculated by finding out what households, governments, and firms spend in the market; after all, what they are buying must have been produced by someone. Not what people enjoy without trading.


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