Homework Answers
GDP as term was coined by William Petty in 1652 which had basic concept to attack landlords against unfair taxation and Charkes Devenant firtger developed model in 1695 as per Wikipedia Sources.
References
Coyle, Diane. "Warfare and Invention of GDP." The Globalist. Retrieved August 1, 2015.
The above method was then more matured and development after Bretton woods system broke in 1944.GDP was then used main tool for calculations of economic progress.
The method drew huge flak andcriticism because it did not account for environmental damage as well as income earned due to volunteering work.
These shortcomings were then changed by Amartya Sen in 1980 as Global Economist.
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