ABSTRACT
In this chapter, we take a detailed look at GDP and related national economic data. But before we begin, a note of caution is in order. Although it is true that GDP growth improves average material living standards, which in turn contributes to well-being, it is not true that GDP growth always increases well-being. For example, if GDP grows simply because people are working longer hours, we would need to evaluate the increase in GDP against the loss in leisure time to determine whether well-being has actually increased. In Chapter 6, we look at the limitations of, and alternatives to, GDP as a measure of well-being, in order to place our discussion of GDP “in context” with our broader discussion of well-being.
