Applying Saint Leo's Core Values To Your Analysis 445513
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. Be sure to review the scoring rubric here .
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Applying Saint Leos Core Values To Your Analysis Describe What Gdp M
Gross Domestic Product (GDP) is a primary indicator used to measure the economic performance of a country. It represents the total monetary value of all goods and services produced within a nation over a specific period, typically calculated quarterly or annually (Mankiw, 2020). GDP provides insight into the economic activity and size of a country's economy, serving as a key benchmark for policymakers, economists, and businesses to assess economic health and growth prospects.
However, GDP has notable limitations that restrict its usefulness as a comprehensive measure of societal well-being. Firstly, GDP does not account for income distribution; a nation may have a high GDP but also significant inequality, which undermines social cohesion (Stiglitz, Sen, & Fitoussi, 2010). Secondly, GDP neglects non-market activities such as volunteer work and unpaid caregiving, which contribute substantially to social welfare but are not captured in economic output. Additionally, GDP fails to consider environmental degradation and resource depletion resulting from economic activities, thus offering an incomplete picture of sustainability and long-term well-being (Daly, 2019).
The relationship between economic well-being and social well-being, particularly happiness, is complex and multidimensional. While economic prosperity can provide access to necessities, healthcare, and education, contributing to a higher standard of living, it does not inherently guarantee happiness or social cohesion. Research indicates that beyond a certain threshold, increases in income do not significantly enhance happiness levels (Easterlin, 2010). Social factors such as community engagement, relationships, and a sense of purpose play crucial roles in fostering social well-being. Consequently, economic growth does not automatically translate to societal happiness; instead, policies must focus on holistic development that includes social and environmental considerations.
Aligning economic growth and productivity with Saint Leo University’s Core Values—respect, integrity, personal development, excellence, and community—requires a mindful approach. Growth should not compromise ethical standards or social responsibility. For instance, pursuing economic efficiency without regard for environmental sustainability conflicts with the value of respect for creation (Saint Leo University, 2023). Conversely, economic initiatives that promote equitable development and social inclusion embody integrity and community orientation. High productivity levels can support personal development by providing employment opportunities and enabling individuals to achieve their potential. Therefore, sustainable growth strategies that incorporate ethical considerations and social well-being can harmonize economic progress with core values.
In conclusion, while GDP remains a vital economic indicator, its limitations highlight the importance of broader measures of societal progress. Recognizing the complex relationship between economic and social well-being guides policies that align economic growth with human dignity, community, and sustainability—values central to Saint Leo University and its mission. Moving forward, integrating economic metrics with assessments of happiness, environmental health, and social cohesion is essential for fostering a just and flourishing society that upholds core human and spiritual values.
References
- Easterlin, R. A. (2010). Happiness, growth, and the wealth paradox. The Oxford Handbook of Economics and Human Biology, 229-251.
- Daly, H. E. (2019). Towards a steady-state economy. Sustainable Development and the World Economy, 1(2), 18–34.
- Mankiw, N. G. (2020). Principles of Economics (8th ed.). Cengage Learning.
- Saint Leo University. (2023). Core values. https://www.saintleo.edu/core-values
- Stiglitz, J. E., Sen, A., & Fitoussi, J.-P. (2010). Mis-measuring our lives: Why GDP doesn’t add up. The New Press.