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2.
(3) Externalities
The value added by an oil refinery is a part of GDP
What about the water pollution it has caused by dumping pollutants
in the river?
Fishermen may loose their source of livelihood.
The measured GDP will go down but the welfare will go up.
GNP
total population
GDP
total population
High-quality growth
Over the 1990s, the IMF seemed slowly to be learning from the
criticisms of its policies .
A country is in the very high group if its HDI is in the top quartile, in
the high group if its HDI is in percentiles 5175, in the medium group
if its HDI is in percentiles 2650, and in the low group if its HDI is in
the bottom quartile.
Adjustments for leisure would swell per capita NEW growth beyond
per capita GNP growth.