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Lecture
GDP Limitations
Description
This lecture discusses the limitations of using GDP per capita as a sole indicator of a country's well-being, exploring scenarios where higher GDP does not necessarily translate to higher welfare due to factors like regrettable expenses, inequality, shadow economy, and unpaid labor. The instructor and students analyze how different factors can impact the comparison of GDP across countries, highlighting the complexities involved in using GDP as a measure of economic activity.
Official source
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