The GDP – an Illusion of Prosperity?

Abstract

Throughout this article is examined the overestimation of Gross Domestic Product and its main weak points as an index of evaluation a country’s prosperity. GDP, while a valuable metric, offers a limited perspective on a nation's prosperity, hence, do exist a lot of relative alternatives of analyzing how the population of a country is going such us Human Development Index, Global Innovation Index, Gross National Happiness Index, which, after the author’s analysis are, in the majority of cases, more suitable in determining the well-being and prosperity of a nation. By considering these indexes, we gain a richer understanding that incorporates factors like education, health, and social equality. This multifaceted approach allows for a more accurate assessment of a country's progress and the well-being of its citizens. CZU: 330.55; JEL: C83, E01, I31, O40