Buy custom Is GDP an adequate measure of economic welfare?
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One example of such a calculation is the Genuine Progress Indicator (GPI). The GPI calculation is calculated in the same way as GDP, but it accounts for income distribution via weightings. The negative effects of destructive social transactions like natural resource depletion are subtracted to give a more accurate measure of wellbeing (Montague, 1996)...
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The flaws inherent to the GDP calculation present an opportunity for new measures to be established to give a better reflection of the economic and national wellbeing.
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