scorecardresearchQuantity over quality: How does GDP fail to encapsulate economy's well being?

Quantity over quality: How does GDP fail to encapsulate economy's well being?

Updated: 09 Sep 2022, 11:20 AM IST
TL;DR.
GDP is an aggregate measure of the value of goods and services generated in a given economy. However, there is no consideration for the good or bad consequences generated during the manufacturing and development process. Read further to know about the limitations of GDP in detail.
GDP is the value of all the goods and services produced within a country’s domestic territory during a specified period of time.

GDP is the value of all the goods and services produced within a country’s domestic territory during a specified period of time.