ECO 304L Chapter Notes - Chapter Unit 3: Ch 9-12, 16: Macroeconomics

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Whe(cid:374) is the e(cid:272)o(cid:374)o(cid:373)y (cid:862)(cid:271)etter off(cid:863): desire to measure whether an economy is better off, gdp is useful for the purpose of comparing how a country is doing over time, whether the economy improves following certain policies etc. There is normative value embedded into the concept: if gdp is higher so it income. When we think of economic well-being, we usually relate it to i(cid:374)(cid:272)o(cid:373)e. co(cid:374)side(cid:396) the de(cid:271)ates a(cid:271)out the (cid:862)top (cid:1005)%. (cid:863) this is usually defined in terms of income. Remember the conceptual equivalence between gdp and income. China has a higher overall gdp than switzerland, but the average chinese citizen does not have a higher standard of living than the average swiss citizen. ) There are clearly other aspects of human satisfaction beyond material goods and services. (1) critique: possibility of misleading assumptions about what brings human happiness: the (cid:862)(cid:373)o(cid:396)e is (cid:271)ette(cid:396)(cid:863) assu(cid:373)ptio(cid:374) (cid:272)e(cid:396)tai(cid:374)ly (cid:373)ay (cid:374)ot apply a(cid:272)(cid:396)oss individuals.

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