Gross domestic product (GDP) is the basic social accounting measure of the total output of goods and services. In other words, it gives the monetary value of total output in of a country on an annual basis. On the other hand, economic welfare entails the level of financial satisfaction and prosperity that is realized by individuals in an economic system. Therefore, GDP is used to measure the economic welfare of a country. I concur with Jackson (2009) that the “society clings to a myth by which it lives”. Economic growth in this case is considered as a myth of a society. Society here ...
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