Gross domestic product and standard of living.

Read the article “If the GDP is Up, Why is America Down” and the GDP . Write an essay in which you address all of the following. There is to be no use of quotes from the article – everything needs to be explained in your own words. a. Outline the historical origins of the use of GDP. Why did we feel we needed to measure GDP at all? How does GDP measure our nation’s production? (15) b. In what sense does GDP NOT accurately measure our production levels and standard of living in the USA economy? What is it about the way we have constructed GDP that leads to this problem? Explain in detail. (15) c. What and how do the authors suggest we improve GDP? Be certain to evaluate the authors’ argument. Does it make sense? Is it practical? Explain. (30) d. Then, offer three suggestions of your own on how you would further improve the measurement of GDP. (these are to be your own proposals, your own ideas, if you repeat what the author uses, that is not answering the question.) (10) e. This article is now 22+ years old. Is it still current? Why or why not? Explain yourself. (5)

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