Question

Is increase in national income is indicator of economic welfare ​

Answer 1

Answer:

National income and welfare

GDP per capita (per person) is often used as a measure of a person's welfare. Countries with higher GDP may be more likely to also score high on other measures of welfare, such as life expectancy. ... GDP takes no account of the inputs used to produce the output.

Answer 2

Answer:

GNP is not a satisfactory measure of economic welfare because the estimates of national income do not include certain services and production activities which affect welfare. We discuss below some of the factors which affect human welfare but are not included in the GNP estimates.