GDP and welfare?

Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services manufactured in a time frame, often yearly or quarterly. Nominal GDP evaluates are commonly utilized to decide the economic performance of a whole country or region and to make international comparisons.

The welfare definition of economics is an effort by Alfred Marshall, an explorer neoclassical economist, to reanalyze his field of study. This definition elucidates the stream of economic science to a larger study of humanity. Particularly, Marshall’s view is that economics studies all the pursuits that people take in order to attain economic welfare. In the words of Marshall, “man earns money to get material welfare.” This definition expanded the scope of economic science by foregrounding the study of wealth and humanity simultaneously, rather than wealth alone.