‘Composition of GDP may also be …
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Gaurav Seth 4 years, 9 months ago
GDP doesn't account for externalities.
Externalities are basically:
Positive Externality: Example: Saving commuting time due to construction of a fly-over, increases welfare, GDP as an index understates welfare.
Negative Externality: Example: Pollution from factories, decreases welfare, GDP overstates welfare.
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