Although I don’t often give a lot of attention to news about economic indicators and analysis, preferring the much more enthralling subject of tax law to fill any spare time I have left to think about these kinds of things, I recently found out about an economic phenomenon that interested me greatly. I learned that the tiny nation of Bhutan, located between its gigantic neighbors, China and India, has a different way of measuring its success. Known as gross national happiness, this measurement of the quality of its citizens lives’ as opposed to their productivity, turns the usual economic indicator, gross domestic product (GDP), on its ear.
Gross Domestic Products
Also known as gross national product (GNP), gross domestic product refers to the total value of goods and services produced by a country within a certain time period. This measurement is meant to show the size of a country’s economy, and is sometimes used to track the standard of living, as it is assumed that increased productivity translates into better living conditions for citizens. [Article Continues…]