According to the Justin Fox, he assures that money has been the only thing measuring the nation’s success. In his article, “Economics of Well-being,” he mentions that GNP and GDP has been the country’s sensation, especially to the wealthy people. Fox even mentions that because of the situation GNP or GDP should now be titled, GNH, “Gross National Happiness.” An Englishman, Jeremy Bentham, during the Enlightenment, came up with a philosophy that “assessed the merits of an action according to how much happiness it produced.” Fox indicates in his article that GDP makes wrong measurements and is not sustainable, and that there are other metrics to replace GDP. Happiness with the well-being of the economy is important and while economists tend searching for alternatives to GDP it needs to be improved.
As to Fox’s article on the well-being of the economy I disagree with what he mentions. GDP is a good method for the economy’s and there are indeed other metrics that can be used to develop more progress, but I believe it should not be replaced. According to Bentham “happiness” is important in business but like Fox stated, “money can’t buy happiness,” rather it could …show more content…
I agree with other metrics being available to continue with the well-being of economy and indeed these metrics can be used to contribute with GDP. I understand that sometimes people want more than what they have but sometimes that goes off into situations that are not good for one. According to the article, “GDP has been characterized by a huge global rise in living standards and in wealth,” and I think that if it is already doing great just like it is there is no need to change any type of system just because of some flaws. Everything and everyone comes with flaws and thing some people do not like but this is just how life is and how economy
As to Fox’s article on the well-being of the economy I disagree with what he mentions. GDP is a good method for the economy’s and there are indeed other metrics that can be used to develop more progress, but I believe it should not be replaced. According to Bentham “happiness” is important in business but like Fox stated, “money can’t buy happiness,” rather it could …show more content…
I agree with other metrics being available to continue with the well-being of economy and indeed these metrics can be used to contribute with GDP. I understand that sometimes people want more than what they have but sometimes that goes off into situations that are not good for one. According to the article, “GDP has been characterized by a huge global rise in living standards and in wealth,” and I think that if it is already doing great just like it is there is no need to change any type of system just because of some flaws. Everything and everyone comes with flaws and thing some people do not like but this is just how life is and how economy