If the objective were to measure economic welfare, then what adjustments would have to made to GDP to make it a better measure of economic welfare?

Question

Quizplus · Accepted Answer

All of the above adjustments would need to be made to GDP to make it a better measure of economic welfare. GDP currently does not take into account negative externalities such as pollution, which can impact the well-being of individuals and communities. Additionally, leisure time is an important component of well-being, but is not captured in GDP. Finally, household production such as child-rearing and housekeeping are important contributors to a society's well-being but are not counted in GDP. Making these adjustments would provide a more accurate measure of overall economic welfare.

If the Objective Were to Measure Economic Welfare, Then What