View Rulb In chapter 19, you learned a variety of ways that measure economic per
ID: 1134589 • Letter: V
Question
View Rulb In chapter 19, you learned a variety of ways that measure economic performance. Real GDP is often used as a measure of the economic welfare of a nation. Recently economists have proposed that the welfare of a nation must also consider environmental factors such as water, air, natural resources, etc, other than those discussed in the textbook (investment, consumption, government spending, net export). Please do not discuss social, cultural, educational and economic issues. Identify and discuss at least two environmental factors you think should be included in the measure of GDP and explain why. Also, do you think the quality of spiritual life should be incorporated in the measurement of the welfare of a nation? (Due: Day 4(Thursday) by 11:59pm; word count: minimum 300 words) 2 Please submit the essay in a word document, and I will return your assignment for not meeting this reguirement. AIso nlaace naranhrase evervthing you areExplanation / Answer
Two environment factors that should be included in the GDP calculation are Pollution and Land loss due to landfills.
The Traditional GDP only accounts for the value of output while ignoring the impact of such production on the environment. When both monetary value and environmental health are necessary for the welfare of the nation.
The rising levels of pollution needs to be accounted in the GDP. It will not only lead to a fall in the GDP value but show the amount of harm caused by the economic activities on the environment.
The land loss due to landfills shows the harmful use of non renewable resources and the loss of natural resources caysed by it.
I think there are various facters that needa to be incorporated in the measurement of the GDP ecen though it will lead to a fall in the GDP, but it will be more real and eye opening picture of our society.
Quality of spritual life should be included in the measurement of welfare because it shoes us wheter the people have hopes for their future, whether they are aware about right and wrong. These ides are very difficuot to measure, but are the soul of the society. The human values should be made a part of the welfare of the people.
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