Genuine Progress Indicator and Economic Well-being

The video explores alternative prosperity measures like Bhutan's Gross National Happiness (GNH) and Maryland's Genuine Progress Indicator (GPI). It highlights how GPI accounts for environmental and social factors, unlike GDP. The video discusses the impact of economic inequality on GPI and the subjectivity involved in measuring economic well-being. Despite GPI's benefits, it trails GDP growth, reflecting a disconnect between economic indicators and public sentiment.

What alternative measure does Bhutan use to gauge prosperity?

• Gross National Happiness

• Economic Freedom Index

• Genuine Progress Indicator

• Human Development Index

Which U.S. state was the first to adopt the Genuine Progress Indicator?

• Texas

• Maryland

• New York

• California

How does GPI account for environmental degradation?

• By adding the cost of pollution

• By ignoring environmental factors

• By subtracting the estimated value of water pollution

• By increasing GDP

What major environmental change is affecting Maryland according to the GPI?

• Decreased rainfall

• Rising sea levels

• Increased forestation

• Decreased temperatures

Since when did GPI and GDP start to diverge significantly?

• 1970

• 1980

• 1990

• 2000

What component of GPI is linked to the feeling of not benefiting from economic growth?

• Technological advancement

• Economic output

• Social well-being

• Environmental health

How does economic inequality affect GPI compared to GDP?

• It only affects GDP

• It affects GPI more due to distribution differences

• It boosts both equally

• It has no effect

What is a major challenge in using GPI as an economic indicator?

• It is too similar to GDP

• Too many factors

• Subjectivity in measurement

• Lack of data

What does the GPI attempt to quantify that GDP does not?

• Total economic output

• Human well-being

• Military strength

• Technological progress

What is a common critique of economic indicators like GPI and GDP?

• They are too simple

• They are too objective

• They involve subjective choices

• They are universally accepted