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Following are the shortcomings of GDP:
- GDP doesn't measure the non market transactions
- It only considers the market value of output. Not their emotional or psychic income.
- It doesn't capture the value of improvements in product quality.
- It doesn't take into account the underground economy or the black market.
- Cost of Environmental harm is not deducted from GDP whereas the costs of cleaning up is included.
- It doesn't reveal anything about how output is distributed.
- It doesn't reflect the well being of the people in the nation
- The GDP only reflects the trade going on in the country's markets.
- GDP doesn't measure the non market transactions
- It only considers the market value of output. Not their emotional or psychic income.
- It doesn't capture the value of improvements in product quality.
- It doesn't take into account the underground economy or the black market.
- Cost of Environmental harm is not deducted from GDP whereas the costs of cleaning up is included.
- It doesn't reveal anything about how output is distributed.
- It doesn't reflect the well being of the people in the nation
- The GDP only reflects the trade going on in the country's markets.
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