GDP is the sum of all income earned in a country during a year.?Alternatively,?it can be thought of as the value of all production in an economy during a year.?But do income and production measure happiness? The way we measure GDP can both overstate and understate people’s happiness and well-being.?It understates economic activity and well-being when it doesn’t take into account production that is not exchanged in a market?(grandma providing free baby-sitting)?and leisure time.?It overstates well-being when two otherwise identical activities are measured the same even though one produces more pollution. Start your discussion by responding to these questions: Should we continue to measure GDP as we do now??After all, the current way of measurement has been used over time, so we can make historical comparisons. Are there problems with GDP that should be fixed? If you don’t think GDP should be changed,?explain your reasoning.?If you think it should be changed,?what changes would you recommend,?and why? Be sure to respond to at least one of your classmates’ posts and explain whether you agree or disagree with that classmate’s position. Vejia Campbell Good afternoon, After doing some research on the topic, I feel the GDP should be corrected. It is stated that GDP has well-known flaws regarding the value of housework, including childcare. There is a suggestion to monetize this type of activity within the GDP measure. I often hear a lot of people complain about not having adequate childcare while they work, or that family doesn’t step up to babysit. There should be more programs available for free childcare while parents work. There are some companies that have implemented childcare for associates within the company. Most grandparents are still having to work themselves to make ends meet, so they can’t babysit. I feel that we shouldn’t continue to measure GDP as it was because there needs to be better economic growth and better politicians to help with the future of GDP. The way the world is now, it seems to be hard to measure a person’s well-being or happiness. I would hope that moving forward most families will have a better life pertaining to income and wealth and more products will be made available to stimulate the economy to keep things going.

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