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What is National Income and Economic Welfare about?

The document discusses limitations of using gross national product (GNP) and national income as measures of economic welfare. It outlines several issues: 1) GNP does not account for price changes over time, quality improvements, or changes in goods. 2) GNP does not show the composition of output - whether it consists of goods that improve welfare. 3) GNP does not indicate how output is distributed among the population or account for inequality. 4) GNP ignores non-market production like household work an

Author

rajesh_scribd1984

Language

EN