Essays on indian economy 2010

Having discussed all the above, there are a few shortcomings of taking a look on a country’s economy by measuring GDP. Its most significant shortcoming is that it includes government spending alongside other voluntary market transactions as government spending are not always towards social welfare. Also, it does not account for productive non-market activities, . an important activity like a mother rearing her child, a motor car mechanic repairing his own car whole day. Yet another shortcoming includes an increase in GDP with certain destructive events or activities like a massive hailstorm in some area. To add on to this list, GDP is a measure of quantitative aspect of the products and services. It fails to emphasize on the qualitative improvement in the products and services which accounts to economical welfare. The underground economy or economy in the hidden market which remains away from Government’s knowledge is another reason for GDP’s inefficiency. Thus, GDP tells a little about individual economic welfare. Everything included or accounted for in GDP, does not necessarily cause social welfare.

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Essays on indian economy 2010

essays on indian economy 2010

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