MyTake

[pc: https://www.livehappy.com/relationships/community/celebrate-international-day-happiness] The size of an economy and level of development is predominantly measured in terms of GDP. Economic progress has been determining the speed of development through the eyes of Kuznets and Stone via production, income and output. It has its roots in Adam Smith and the invisible hand as described in The theory of moral sentiments and The wealth of nations. Paul Samuelson viewed GDP as one of the great inventions of the twentieth century. None of these economists would have imagined that the nations would get so obsessed with GDP that all their policies and practices would target growth indicators surrounding GDP and the progress of nations would be measured and compared based on this key coinage.   It is discussed at length by economists and psychologists that improvements in GDP have not translated in enhancing life satisfaction of people.   Though their physical s...