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  • 30-09-2020
  • Business
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Does a higher GDP imply high welfare. Why?

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hola4092
hola4092 hola4092
  • 30-09-2020

Answer:

All economic value is subjective—free-market prices are determined by how much better off individuals believe a good or service can make them. ... So, in some sense, higher GDP should equate to greater human progress, because it means more valuable goods and services have been created.

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