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South Korea flagEunHye 은혜
How to measure prosperity I read an article and thought it interesting so I summarized it. Here's the article: (http://www.economist.com/news/leaders/21697834-gdp-bad-gauge-material-well-being-time-fresh-approach-how-measure-prosperity) Since the second word war, GDP has been used to measure not only economic growths but also living standards of people. However, as GDP is not an accurate measurement for prosperity anymore, some revisions should be made. First of all, contemporaneous data such as tax record, credit cards record, and internet search record should be calculated into GDP statistic. Secondly, new annual mesure unit is needed. This new measure should capture service quality, unpaid labour, and spending patterns. Lastly, intangible capitals and depletion of capitals should be considered as well. Although it seems like a difficult process, these changes are essential to correctly measure prosperity of current societies.

Corrections · 3

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Since the second world war, GDP has been used to measure not only economic growths but also the standard of living of a population. living standards of people. However, as GDP is not an accurate measurement for prosperity anymore, some revisions should be made. First of all, contemporary data such as tax records, credit cards records, and internet search records should be used to calculate calculated into the GDP statistic. Secondly, a new annual measure unit is needed. This new measure should capture service quality, unpaid labor, and spending patterns. Lastly, assets, intangible capital and, conversely, the depletion of capital should be considered as well. Although it seems like a difficult process, these changes are essential to correctly measure the prosperity of current societies.


"Standard of living" can be thought of as a set term. We always say it like this, not as "living standard".

"of people" -> population: GDP is used as a country wide statistic, and so it measures "the people in the country" which is the "population.

"data" is used with plural nouns normally.

"calculated into the": The article is not saying that you should "also" use "contemporary data", but that you should "instead" use contemporary data.  Not add but change.

The third point "includes" intangible capital, but that is not the overarching meaning .  The main point is that GDP measures "income", not "assets".

Capital is singular.


Good job good job good job.

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How to measure prosperity

I read an article and thought it was interesting so I summarized it. Here's the article: (http://www.economist.com/news/leaders/21697834-gdp-bad-gauge-material-well-being-time-fresh-approach-how-measure-prosperity)


Since the second word war, GDP has been used to measure not only economic growths but also living standards of people. However, as GDP is not an accurate measurement for prosperity anymore, some revisions should be made. First of all, contemporaneous data such as tax record, credit cards record, and internet search record should be calculated into GDP statistic. Secondly, new annual mesure unit is needed. This new measure should capture service quality, unpaid labour, and spending patterns. Lastly, intangible capitals and depletion of capitals should be considered as well. Although it seems like a difficult process, these changes are essential to correctly measure prosperity of current societies.

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