Question

Do you think real GDP per person is a sufficient measure of well-being? Why or why not?

Answer 1

Wowie that's a big q.
I don't know what "real" implies, but GDP is an attempt at a statistical measure of the amount of cash that's being generated by each person.
As with any average it needs careful negotiation to get the gist of what's being said. So, if you have say, 5 people whose wages per hour are 5,5,5,5,5 then the wage per head is 5. BUT, if one of the people happens to be, say, a footballer, and the data looks like this 5,5,5,5,10,000 then the measure could be thought of as basically going out of the window.
Also GDP is numerical. People are probably numerate, but they're also emotional etc. They also have "health" things to consider. Would GDP measure that sufficiently ? I'd be V suspicious.

Answer 2

Real gross domestic product (GDP) is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year, expressed in base-year prices, and is often referred to as "constant-price," "inflation-corrected" GDP or "constant dollar GDP." Unlike nominal GDP, real GDP can account for changes in price level and provide a more accurate figure of economic growth.

Answer 3

So, it "relies" on some sort of "magic formula" to connect the product/production with well being ???? Well, if people aren't sure that they're going to have a sort of "personal GDP" (ie a job/income) then their GDP will presumably fall but would that show up in the statistics of millions ??? Hmmmmm ...