Question

Why is gdp considered as a major criterion to check the development of countries?

Answer 1

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.