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Structural Unemployment and Automation - We use GDP as a measure of the economy and people's standard of living
Structural Unemployment and Automation - We use GDP as a measure of the economy and people's standard of living. But GDP only includes income and ignores other factors that contribute to a better quality of life. The US has a relatively high (but not the highest) GDP per capita. In fact, this number is higher than many (but not all) European Union countries. But at the same time, we work longer hours on average than most (but not all) European countries. We have fewer social services than those countries. There is quite possibly a relationship between these things. More work hours will increase production. Higher taxes (to pay for more social services) can possibly result in lower GDP. Should we, through government policy, try to improve the quality of people's lives, even if this makes the economy poorer overall? If so, what kind of changes are appropriate? frictional unemployment
Expert Solution
Ans. Yes, as the countrymen are responsible for the development of a country , their lives should definitely be improved because doing this will not bring the economy down. And even if it affects the economy , there are many ways to boost it but the good quality of life for the public is very important .In order to improve the quality of lives of people we can lower the taxes for those who invest more so that people of the country can invest more which in result will be beneficial for the country as well as the individual who invested. Measures to tackle the poverty shall eb the top most priority , though teh percentage of people living in poverty in US is very less but if that less percentage is also improved, it will boost the economy at a great scale. The prices of goods shall be appropriate so that excessive amount of money can be saved by the public for some other uses which will help them in buying something more necessary. Hence the quality of lives of the public shall be tthe topmost priority of the government because they are the one responsible for the economy as well as the GDP.
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