Welfare measurement is among the most fundamental questions in economics. Policymakers and others use gross domestic product (GDP) as a proxy for welfare, but this application does not reflect the benefits of introducing new and free goods and services, such as digital goods, and may result in misunderstanding the economy. Welfare measurement is among the most fundamental questions in economics. Policymakers and others use gross domestic product (GDP) as a proxy for welfare, but this application does not reflect the benefits of introducing new and free goods and services, such as digital goods, and may result in misunderstanding the economy. Economics & Business Phys.org – latest science and technology news stories
Framework to measure economic well-being considers new, free goods and services; adding digital goods boosts growth
