MEASUREMENT OF WELL-BEING AND EVALUATION OF PUBLIC POLICY

GDP has traditionally been used as a measure of economic progress or the health of the economy. It is not unusual for policy makers to equate the growth of the economy to the well-being of the citizens. However the measurement of GDP excludes many factors that influence the well-being of the citizens such as safety, voluntary work, inequality, environmental pollution, democracy, traffic congestion, quality education, access to clean water, affordable housing, access to credit market, and other intangible factors that affect the quality of life. This class introduces students to measurement of GDP is an inadequate measure of well-being, and also discusses the alternative measures of GDP and well-being. The impact of globalization and inequality on well-being is also covered. The class also explores the impact of growth and well-being on Euroskepticism, an important topic in the European Union.