Does High GDP Mean Economic Prosperity?
- 8 months ago
GDP divided by the total number of workers, the GDP per capita very closely reflects the 'average' revenue per person in the economy. However, this is not to say that GDP directly reflects economic prosperity. Income inequality is one of the most important leveler to understand economic prosperity. invariably, with countries achieving high GDP there is a corresponding rise of inequality.
- socialistpbLv 68 months ago
It would depend on how equally the wealth was distributed.
- ?Lv 68 months ago
In fact it must be GDP PPP per capita to reflect the living standard. But there is still a loophole. It must be corporated with other factors as well such as education, life expectancy, environment degradation.