A rising GDP does not necessarily reflect improved living standards for the median citizen. 5. Emerging Alternatives

Expenditure Approach: Sum of consumption, investment, government spending, and net exports ( Income Approach: Total compensation, profits, and taxes.

Development of the metric by Simon Kuznets and its adoption following the Bretton Woods Conference (1944).

The importance of adjusting for inflation to understand true economic growth. 4. Critical Limitations

Bhutan’s model of prioritizing psychological well-being and cultural preservation.

Defining GDP as the total monetary value of all finished goods and services produced within a country's borders in a specific time period.

How GDP can increase during environmental disasters (due to cleanup spending) while natural capital is depleted.