My requirements are that in total these two following question must be answered in at least 150 words. Thank you!
Gross Domestic Product was designed as a measure of economic activity, specifically a measure of national production. Despite this intent, GDP is widely interpreted as a measure of economic welfare or standard of living (when measured in per capita terms).
1. What are the shortcomings of using GDP as a measure of economic welfare?
2. What would you like to add to (or subtract from) GDP to make it a better reflection of how well people are doing in a nation?