Your RWM article for this week describes some problems with

Your RWM article for this week describes some problems with our conventional economic picture of welfare, which considers \"better off\" to mean having more goods and services to consume. What do you think are some arguments for this definition, and some important things it doesn’t include.

Solution

Some arguments against are

Nation might be producing weapons of mass destruction which do not increase welfare. Similarly military spending is not conducive to welfare

It does not take into consideration quality of goods oroduced

It doesn\'t take into consideration whether people are happy or not. More goods does not mean people will be more happy

It does not take into consideration other socioeconomic factors like spending on health education etc. E. G India has higher Gdp than srilanka but in socio economic criteria it falls behind

2 The arguments in fsvour

It is quite simple to measure welfare through this definition

Usually more goods mean more material welfare

It\'s growth is quite often litmus test for condition of economy and welfare.