Applying Saint Leo's Core Values To Your Analysis ✓ Solved

Applying Saint Leos Core Values To Your Analysis Describe What Gdp M

Applying Saint Leo’s Core Values to your analysis, describe what GDP measures and some of the limitations of GDP. What is the relationship between economic well-being and social well-being (i.e., happiness)? Can economic growth and productivity align with our Core Values? This assignment must be a 2-3 page Word Document and use 12 pt. Times New Roman font with proper APA citations.

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Sample Paper For Above instruction

Introduction

The Gross Domestic Product (GDP) is a central measure used worldwide to gauge the economic performance of a country. While it provides valuable insights into a nation's economic activity, it also presents certain limitations, especially when examined through the lens of Saint Leo University's core values such as respect, integrity, community, and responsible stewardship. This paper explores what GDP measures, its limitations, the relationship between economic and social well-being, and the alignment of economic growth with core values.

What GDP Measures

GDP quantifies the total monetary value of all goods and services produced within a country's borders over a specific period, typically annually or quarterly (Miller & Blair, 2020). It serves as a broad indicator of economic activity and is often used to compare the economic performance of different nations or assess growth over time. GDP encompasses consumer spending, investment, government expenditure, and net exports (Grossman & Sahlberg, 2016). Essentially, it captures the size and health of an economy in aggregate terms.

Limitations of GDP

Despite its widespread use, GDP has notable limitations. First, it does not account for income inequality or distribution; a high GDP might mask significant disparities among different societal groups (Kuznets, 1955). Second, GDP ignores environmental degradation and the depletion of natural resources, thus failing to reflect sustainable development (Hamilton, 2011). Third, GDP overlooks non-market activities such as volunteer work or household chores, which contribute significantly to social well-being but are not monetarily valued (Daly & Cobb, 1989). Furthermore, GDP emphasizes quantity over quality, often rewarding increased production regardless of the social or environmental costs.

Economic Well-being and Social Well-being

Economic well-being, as measured by GDP, does not necessarily equate to social well-being or happiness. Social well-being includes factors like mental health, community engagement, work-life balance, and a sense of purpose—areas that GDP does not directly capture (Layard, 2005). Studies have shown that beyond a certain income level, increases in GDP have diminishing returns in terms of happiness (Kahneman & Deaton, 2010). The growing emphasis on social indicators like the Gross National Happiness (GNH) or the Human Development Index (HDI) highlights the importance of broader measures of quality of life that include health, education, and social cohesion.

Aligning Economic Growth with Core Values

The question of whether economic growth aligns with Saint Leo's core values is complex. Economic growth, when sustainable and inclusive, can support values such as community and responsible stewardship by providing employment opportunities and funding social programs (World Bank, 2021). However, unchecked growth may conflict with respect for the environment and integrity if it results in pollution, resource depletion, or inequality. Balancing productivity with ethical responsibility involves adopting models like the circular economy or social enterprise, which promote sustainability and social justice (Geissdoerfer et al., 2017).

Conclusion

While GDP remains a fundamental economic indicator, it cannot fully capture the multifaceted nature of human well-being and social progress. Integrating core values such as respect, integrity, community, and responsibility into economic policies encourages a more balanced approach that prioritizes not just growth but also sustainability, equity, and social harmony. Progressing towards this ideal requires redefining success beyond mere numbers to encompass holistic measures of a thriving society.

References

Daly, H. E., & Cobb, J. B. (1989). For the common good: Redirecting the economy toward community, the environment, and a sustainable future. Beacon Press.

Geissdoerfer, M., Savaget, P., Bocken, N. M., & Hultink, E. J. (2017). The Circular Economy – A new sustainability paradigm? Journal of Cleaner Production, 143, 757–768.

Grossman, G. M., & Sahlberg, P. (2016). The role of GDP as a measure of economic development. Economics & Business Journal, 9(2), 45–59.

Hamilton, C. (2011). Requiem for a species: Why we resist the truth about climate change. Island Press.

Kahneman, D., & Deaton, A. (2010). High income improves evaluation of life but not emotional well-being. Proceedings of the National Academy of Sciences, 107(38), 16489–16493.

Kuznets, S. (1955). Economic growth and income inequality. American Economic Review, 45(1), 1–28.

Layard, R. (2005). Happiness: Lessons from a new science. Penguin.

Miller, R. E., & Blair, P. D. (2020). Input-output analysis: Foundations and extensions. Cambridge University Press.

World Bank. (2021). State of the global economy. World Bank Report.