I’ve found an interesting video on SOL, check this out!
G.D.P. measures the total market value of final goods and services produced in a country during a given period. It has long come under fire, though, for not measuring “that which makes life worthwhile,” as Robert F. Kennedy put it 40 years ago.
G.D.P. does not take into account some of the negative effects of economic growth, like pollution. It does not factor in leisure time, or parts of the “informal economy” (like parents’ unpaid care for their own children) that have value but not necessarily measurable, marketable value. It does not give any sense of how equitably distributed a country’s wealth is; a country could theoretically have both the world’s highest G.D.P. and the world’s highest poverty rate simultaneously. It also does not reflect quality of life or happiness in any given country.
Interesting video!
How about Singapore’s free education fees?
That’s true. A country may have a higher real GDP per capita but they might have to pay expensive school fees as compared to a country with a lower real GDP per capita with free education.
However, one has to see the quality of education too!