GDP and Wellbeing. The Disconnect in the Philippines

Anthony Betia

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Academic Paper from the year 2023 in the subject Sociology - Economy and Industry, grade: 1,0, University of Asia and the Pacific...

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Academic Paper from the year 2023 in the subject Sociology - Economy and Industry, grade: 1,0, University of Asia and the Pacific, course: Master of Science in Management, language: English, abstract: This paper asks the question of the connection between the GDP and well-being. Is the GDP a good measure of the quality of life in a country? The author first defines the concept of the GDP and explains, how it is composed. He argues here that numbers are a very powerful tool when it comes to making sense of the world. However, there are also disadvantages to solely relying on the GDP to give information about the general economic situation of a country. For example, compared to its counterpart, GNI (gross national income), the GDP is only limited to the production of goods and services within its borders and does not account for revenue-generating activities abroad. However, one of the biggest limitations is that it does not measure inequality in society. In the second part of his paper, the author focuses on the divergence between the economic wealth of a country and the wellbeing of the majority of its citizens. To further showcase this disconnect, the paper discusses the two examples of Dubai and the Philippines. One concept that is here introduced by the author is that of inclusion - a state in which the economical gains and opportunities are shared by the entire population.