GDP as a measure of welfare Research Paper Example | Topics and Well Written Essays - 500 words

GDP as a measure of welfare - Research Paper ExampleRussia for instance has been having an education system that determines its future sparing development as it specializes in providing learners with basics in various fields like technology and trade. This and so shows particularly that GDP can be the only factor to be used to gauge the effect of an economy in a country. Education at large is an expenditure to the economy therefore it should be counted during the bill of Russsias standard of sprightliness.The life expectancy of both Russia and Kuwait is lofty and it is depends heavily on the economy due to expenses used in these two states to ensure that the life expectancy is very high as it looks at spending in good medical facilities and the high the life expectancy the higher the future economic growth. This two states have tried to encourage for an equal balance in foothold of income among the one-on-ones. They do this by setting standards by a certain level to suit eve ry individual there during the calculation of the living standards of the country and the measures included. Hence the GDP per capita have a close birth with these other alternative measures in determining the living standards. These alternative factors should at all cost be included in the measure of living standards across these two acress economically.Another important measure of the living standard is the taxation rate in the economy of the involved countries. This simply adds to the revenue enhancement income of a nation at total budget which qualifies it to be used as a determinant in measuring the standard of living since it entails income of the authority government which is the overall income to the country. The large the tax rate the higher the income revenue to the government. The six countries as shown with their respective tax rate.Kuwait belongs to the same category as Russia because