GDP does not capture the full value of improvements in product quality because GDP is a qualitative measure rather than a quantitative measure.
The market worth of all the finished goods and services produced in a given country during a given time period is measured in dollars by the gross domestic product (GDP). This measurement is frequently reviewed before being regarded as a valid indicator due to its subjective and complicated character. While nominal GDP is more useful for comparing national economies on the global market, GDP (nominal) per capita does not account for variations in the cost of living and inflation rates of the various nations. Therefore, when comparing living standards between nations, employing a base of GDP per capita at purchasing power parity (PPP) may be more useful.
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