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Exploring GDP and Quality of Life: Beyond the Business Cycle

Explore the limitations of GDP and its relationship with quality of life indicators, including social welfare, health, education, and more. Discover how GDP per capita fails to measure true well-being and why it's vital to consider broader aspects of life satisfaction.

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Exploring GDP and Quality of Life: Beyond the Business Cycle

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  1. GDP, growth, business cycle

  2. GDP • Robert F. Kennedy on what GDP means: • “GDP measures everything, in short, except that which makes life worthwhile. And it tells us everything about America, except why we are proud that we are Americans.“ • Richard Layard on the GDP/capita: • “The GDP is a hopeless measure of welfare.”

  3. GDP per capita (“välfärdsligan”) • GDP table • GDP (PPP) tables • Problems/Limitations

  4. Welfare (Social Indicators) • Working conditions • Housing • Economy • Leisure time • Health • Political resources • Social Relationships • Employment • Transport and Communications • Safety and Security • Education

  5. Quality of Life (”Well-being”)

  6. Relationship between GDP/capita and ”quality of life”:

  7. The world happiness index Top > 7,7 • Denmark 8,2 Switzerland 8,1 • Austria 8,0 Iceland 7,8 • Finland 7,7 Sweden 7,7 Middle range ± 6,0 • Phillipines 6,4 India 6,2 • Iran 6,0 Poland 5,9 Bottom <4 • Armenia 3,7 Ukraine 3,6 • Modova 3,5 Zimbabwe 3,3

  8. Business Cycle An abstract business cycle

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