Question

briefly the problem arising in measuring national income

Answer 1

Criticisms

1. Real national income excludes price changes. A short period rise in national income during an upswing of an economic cycle does not constitute economic development.

2. GNP does not factor in a change in the population of a given nation.

3. GNP does not reveal or factor in the negative externalities such as pollution.

4. GNP tells nothing about the distribution of a society's income.

5. Does not factor in other forms of measurement such as illegal markets, service
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Answer 2

Some of the difficulties in measuring national income are as follows:

1. Lack of Reliable Data
2.Existence of Non-Monetised Sector
3. Difficulties in the Classification of Working Population
4. Illegal Income

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