Abandoning GDP as an economic policy goal: Exploring the impact and limitations

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Table of Contents
Question: 3.......................................................................................................................................3
Explain the given statement and the suggestion that the macroeconomic policy markers
should abandon GDP...................................................................................................................3
Question: 5.......................................................................................................................................4
What does the elasticities model of devaluation analyse the impact of sterling's devaluation on
the current account of UK...........................................................................................................4
REFERENCES................................................................................................................................7

Question: 3
Explain the given statement and the suggestion that the macroeconomic policy markers
should abandon GDP.
GDP is the acronym which is commonly use in the economic world and it is gross
domestic profit and it has some of the impact on the global business and all the start ups and it is
used for the understanding of the size of the business. It is the compiled force which is very
helpful for the country growth and it is the criteria on which the policies of the market is made.
And it is also considered the major part of the study of the economic world.
GDP is the force which is also related to human welfare and it is the best display option for the
policy makers that they use gross domestic product as the indicator which helps the country to
know the best about their working of the business and considering the company growth with the
human welfare(Fooks and Godziewski, 2022). It is also interconnected with the different factors
that are very important for the business. And in affirmative manner it is concerned with life
expectancy and it is then negatively correlated
if there is proper analysis about GDP then there is a concept which can be explained and that is
the issue of roper distribution. As GDP has always been measure of output, with utilizing the
present prices it evaluates the main value of commodities and products that are here for the final
utilization. Turning the same prices makes it possible that there is proper calculation of GDP
growth.
GDP is the monetary value of the final commodities and services. It calculates all the factors
that are there within all the borders and not all the activities are properly are that appropriate so
that they can be used for the calculation of the gross domestic product. Fiscal policy is the major
considered point which is used by the company when they are making the policies for the
company and they need to put force on having more profit in their company so that they can give
their part for the calculation of good GDP growth development. When the economist want to
compare the living standard of the people with the country wealth then they are analysing the
gross domestic product of the country so it is important for the policy makers that they are
examining all the things in the best way. According to the study calculating the goods and
services of the country does not display the country productivity and contribution in GDP and