Question

role of workers in increasing national income thus increasing prosperity of the nation. ​

Answer 1

An increasing GDP is often seen as a measure of welfare and economic success. However, it fails to account for the multi-dimensional nature of development or the inherent short-comings of capitalism, which tends to concentrate income and, thus, power. In this blog post, André Castro and Manish Prasad, make a case for using alternate measures of development such as the Social Progress Index.

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Tushar here

Answer 2

Explanation:

An increasing GDP is often seen as a measure of welfare and economic success. However, it fails to account for the multi-dimensional nature of development or the inherent short-comings of capitalism, which tends to concentrate income and, thus, power. In this blog post, André Castro and Manish Prasad, make a case for using alternate measures of development such as the Social Progress Index.

“Development can be seen as a process of expanding the real freedoms that people enjoy.” Amartya Sen

Economic growth assesses the expansion of a country’s economy. Today, it is most popularly measured by policymaker and academics alike by increasing gross domestic product, or GDP. This indicator estimates the value added in a country which is the total value of all goods and services produced in a country minus the value of the goods and services needed to produce them. It is common to divide this indicator by a country’s population to better gauge how productive and developed an economy is – the GDP per capita.