Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/260713 
Year of Publication: 
2022
Citation: 
[Journal:] IZA World of Labor [ISSN:] 2054-9571 [Article No.:] 368v2 [Publisher:] Institute of Labor Economics (IZA) [Place:] Bonn [Year:] 2022
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
Gross domestic product (GDP) is the key indicator of the health of an economy and can be easily compared across countries. But it has limitations. GDP tells what is going on today, but does not inform about sustainability of growth. The majority of time is spent in home production, yet the value of this time is not included in GDP. GDP does not measure happiness, so residents can be dissatisfied even when GDP is rising. In addition, GDP does not consider environmental factors, reflect what individuals do outside paid employment, or even measure the current or future potential human capital of a country. Hence, complementary measures may help to show a more comprehensive picture of an economy.
Subjects: 
GDP
macroeconomic measures
national income accounting
JEL: 
B4
Persistent Identifier of the first edition: 
Document Type: 
Article

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