Different measures of economic development


Problem: Two students are discussing the pros and cons of different measures of economic development. "GPA per capital" declares the first, "is the only true measure of how developed a country's economy is". The second student counters: "I disagree. The only true measure of a country's ecnomic development is its people's quality of life, regardless of its GDP". Why is each of these students incorrect?

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Microeconomics: Different measures of economic development
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