Respond to each classmate 100 words or more.
These are the questions they had to answer.
- Why does Stiglitz believe that measuring a nation’s well-being should go beyond GDP?
- What specific policies and societal norms highlight our nation’s emphasis on the factors of production and/or consumption?
- What steps can be taken at the local and national levels to put greater emphasis on outcomes, like health, education, and the environment?
- What does scripture have to say about this topic? Find at least one biblical verse to support your comments.
GDP: Measuring What Counts for Economic and Social Performance. Stiglitz believes that measuring a nation’s well-being should go beyond GDP because it focuses on materialistic things rather than people’s health and overall well-being. He discusses how some people are more privileged than others and how some people start at the bottom and don’t have a chance to put themselves in a better situation. Policies and societal norms that highlight our nation’s emphasis on factors of production or consumption consist of labor market reforms in which companies force workers to work and work hard for minimum so that they will be able to receive their pension. Most states and jobs are at will and can fire an employee at any time, which causes insecurities, makes workers conform to their jobs, and gives employers the chance to toy with workers. The article states, “If we want to put people first, we have to know what matters to them, what improves their wellbeing, and how we can supply more of whatever that is.” Steps that can be taken at the local and national levels to emphasize outcomes would be to offer free health insurance to everyone, lower healthcare costs, lower prices of healthy foods, and raise the cost of fast foods. Another thing that can be done education-wise is monitoring school systems to ensure that they are using state and federal money for learning purposes. Encourage parents to start at home with their kids so that they know that education is important. Companies should become greener; we should recycle more and try to become minimalist instead of buying and using unnecessary things and throwing them away in waste and destroying the environment.
Hebrews 12:14 (King James Version) states, “Follow peace with all men, and holiness, without which no man shall see the Lord.” A life of peace is better than being in the storm fighting with others. God loves us all. God wants us always to do what is right and help one another out. No one should consider themselves better than the next person or always in competition. That isn’t peace; the way to God’s heart is polite, generous, and willing to help others.
In this article, we learned about the gross domestic product, which is known as GDP. GDP can be described as monetary value of all finished and services made within a place during a specific time. GDP is not a good measure of well being as mentioned in the article. It is believed that if we measure the wrong things then we will do the wrong thing. This is the reason Stiglitz believed that the nation’s well being should be measured beyond GDP. The information received from GDP was not very accurate. The information did help provide ways to help the well-being of the population. Production and consumption would not exist without one another. People believed that the GDP did not have data that would benefit economic production such as health, environment, and education. These areas needed to be focused on in order for the economy to thrive.
There are various steps that can be taken at the local and national levels to put emphasis on outcomes such as health, education, and the environment. A step that can be made in the health category is create more resources for mental health. There are more people being reported who are suffering from mental health issues. There are people who are seeking assistance, but some people cannot receive assistance. The reason is people do not always have the resources. If more resources are provided to people who have not been able to receive them, this would benefit the population more. For education, there could be more resources created such as more places that provide after school assistance to help with homework or other school related activities. There are different places that are available, but many parents do not have the funds that would allow their children to attend. Some places are not available in the area closes to the child. In order to help the environment, we can have community clean ups on a regular basis. There is so much trash that is polluting the environment that is harming the planet, people, animals etc.
A scripture that is related to the topic is Proverbs 19:17 which states.” Whoever is generous to the poor lends to the Lord, and he will repay him for his deed.” This article informed us on how the GDP was not focused on the well being of others. This scripture explains how if someone is helps the poor or anyone that they will be blessed in return. Just as Stiglitz wanted to focus more on creating ways to assist with putting people first. In return, God will bless him for his great deed.