ABSTRACT
This chapter discusses the limitations of gross domestic product (GDP) as a measure of economic well-being and describe some alternative measures in order to place our discussion of GDP “in context” with our broader discussion of well-being. National Income and Product Accounts: a set of statistics compiled by the Bureau of Economic Analysis (BEA) concerning production, income, spending, prices, and employment BEA: the agency in the United States in charge of compiling and publishing the national accounts. GDP is the most-referenced single number that comes out of the national accounts. Businesses, policymakers, and media outlets often await the announcement of newly published figures on GDP with great anticipation. The growth rate of GDP is often taken to signal the success or failure of macroeconomic policymaking.
