Question

What are 5 aspects of Well-Being that could be measured and included within a new form of G.D.P.

Answer 1

5 aspects of well-being that can be measured and included within a new form of G.D.P are:

(1) Inflation - Inflation of goods and services over time is not counted in the GDP and only the final value is taken into account. This leads the GDP showing a wrong value.

(2) Unemployment rate - The unemployment rate in a country should be taken into account. The unemployment rate shows how many people are actually employed and how many people are not getting jobs in the country.

(3) Inequality amongst the people - In some countries, there is too much inequality in terms of income among the people. There are a few rich people who has most of the country's wealth and the poor people has very little barely reaching the minimum wage. This has a bad impact on the country where the inequality is too high.

(4) Discrimination among genders, religion, races, etc - In a country where there is too much gender discrimination among men or women, religion such as hindus and muslims, races such as black and whites shows that those who face discrimination are not well off and this also has a bad impact on the country.

(5) Infant mortality rate - The infant mortaliry rate shows the number of deaths under the age of 1 per 1,000 births. This aspect of well-being shows the health of the mothers and the society as a whole.