GDP is popularly used to measure the well-being of a country, but it seems problematic. What would be better? We need a scalar function to optimize, or at least, be the start of discussion. (Arrow's Theorem applies.)
Net Present Value of this year's GDP and all future years. What is a principled way of determining the proper discount rate?
GDP is equivalent to mean income. Median income captures some of the wealth distribution problems.
Volatility of income captures people's uncertainty over the future and consequent unhappiness.
And now for something completely different: Fertility as a measure of happiness. Or in a similar vein, the rate people are having sex? Good sex? (These seem difficult to measure.)
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