Economics Assignment: GPI, Tax Reduction, and Tariff Imposition

Running head: ECONOMICS ASSIGNMENT
Economics assignment
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2ECONOMICS ASSIGNMENT
Table of Contents
Answer 1:...................................................................................................................................3
Answer 2:...................................................................................................................................4
Answer 3:...................................................................................................................................5
Reference:..................................................................................................................................7

3ECONOMICS ASSIGNMENT
Answer 1:
Thesis statement: Genuine Progress Indicator or the GPI is acknowledged as one of the
matrices which is uses so as to measure the economic growth different economies.
Developed as the alternative to the Gross Domestic Product (GDP) it is better known
for the complete measurement of the economic growth; however, there is considerable
amount of debate regarding the fact how much it has achieved out of his target (Tolksdorf et
al., 2016). Through expanding the conventional framework of accounting as well as financial
aspect of the economic growth it includes various economic and non-economic contributors
related to the family and community so as to define and measure the development path of an
economy. It not only incorporates such factors which are directly effective to change the
economic diaspora of a state, rather it includes all the factor that has potential to change the
growth path and the magnitude to determine the future of an economy (Fox, 2017). GPI has
20 factors that guides the policymakers to depict the actual progress of an economy and as the
factors of determining the GPI it uses social factors as well as environmental factors too
(Lawn, 2016). These economic and non-economic factors of GPI calculation makes it stand
out from the crowd because earlier measurement fails to consider all the major factors within
its framework that restricted the performance of the same when it comes to the economic
welfare analysis. Though GPI is one of the developed measurement of the economic
development, there is considerable amount of debate regarding its performance because there
are many researchers who argue GPI is overburdened with the economic and non-economic
factors that restricts it to portray proper performance of the economic growth. normative
nature of the growth measurement method other than GPI are simple to calculate, whereas
overburdened factors of the GPI makes it one of the hardest on to define and determine
(Kubiszwwski & Costanza, 2015). On the other hand, one of the main drawback of the same
can be seen through its failure to define the development path of an economy with the