EduFest2024

Developed economies nowadays have shifted their economic policy-making focus from achieving solely economic growth to achieving economic development. This new revolution in policy-making has led to multiple countries boasting better standards of living. However, the most important question one must consider is how this standard of living is measured. In a world where GDP per capita is the primary indicator of a country’s standard of living, a statistical failure looms due to the unrepresentative nature of GDP per capita as an accurate indicator of economic well-being. I will discuss GDP alternatives which are a more representative measure of economic well-being, while exploring the idea of how relevancy could be shifted to these well-being figures.