Ch 9

In chapter nine I was interested to learn how much yet how little GDP means. It is the most accurate representation of economic weath, whilst disregarding all social contributions. We obsess over it it and personify it to be a powerful entity. Yet, GDP does not take into account certain critical components of an economy such as income inequality. To me this generally means GDP means nothing considering the well being of a country. Just as Wheelan explained currently there isn't a more efficient way to calculate numerically the economic standing of a region, yet it seems silly that it has not happened yet. Also I was confused as to why Wheelan said the cost of living is not measured in dollars but in time. I understand that we've become more efficient, but how does that directly correlate to time equalling the cost of living.