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Does gdp tell everything about economy???

We want to know about economic welfare but gdp does not tell about living standard .....what is the best way to get the real picture of economy????
Original post by Economics
We want to know about economic welfare but gdp does not tell about living standard .....what is the best way to get the real picture of economy????


As far as I know, there is no one size fit all indicator that can comprehensively and satisfactorially tell you about the living standard of any one country.

Personally, I would use the Big Mac index to measure cost of living, but that's a side note.

There are various inventions created as alternatives to GDP. See for example:
https://www.economicshelp.org/blog/167255/economics/alternatives-to-gdp/
https://www.economicsonline.co.uk/managing_the_economy/alternatives-to-gdp-in-measuring-countries.html/
https://ethical.net/politics/gdp-alternatives-7-ways-to-measure-countries-wealth/
https://www.activesustainability.com/sustainable-development/alternatives-to-gdp-for-measuring-well-being/?_adin=02021864894

Some of these indicators are kind of creative, however not one gives a universally satisfactorily better indication of living standards. At the moment, GDP remains the gold standard (either by choice or by other factors).

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