the best measure economist have of how successful a country is in providing a high standard of living to its residents is

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16-12-2022
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the best measure economist have of how successful a country is in providing a high standard of living to its residents is

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sapanpandit sapanpandit · Answer 1 · 2022-12-20T09:38:17+01:00

Economic growth is the most accurate indicator economists have of how successfully a nation raises the standard of living for its citizens.

Numerous techniques are employed by statisticians and economists to monitor economic progress. The GDP is the most well-known and often monitored (GDP). However, several economists have pointed out the shortcomings and biases in the GDP computation over time. Relative productivity measurements are also maintained by organizations like the Organization for Economic Co-operation and Development (OECD) and the Bureau of Labor Statistics (BLS) to assess economic potential. Although it might be challenging to quantify, some recommend gauging economic growth by changes in the standard of living.

In order to gauge economic growth in terms of monetary expenditures, one must use the gross domestic product (GDP). If a statistician wishes to comprehend the steel industry's production in terms of productivity.

Learn more about Economic growth here

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