Applying Saint Leo's Core Values To Your Analysis 772013

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. Saint Leo University has adopted six steadfast moral guidelines to help us recognize the dignity, value, and gifts to all people. Our Institutional Core Values are: Excellence, Community, Respect, Personal Development, Responsible Stewardship, and Integrity.

Paper For Above instruction

Introduction

The pursuit of economic growth is often regarded as a primary indicator of national progress, with Gross Domestic Product (GDP) serving as the most prevalent measure of this growth. However, aligning economic metrics like GDP with the core values of Saint Leo University—Excellence, Community, Respect, Personal Development, Responsible Stewardship, and Integrity—requires a nuanced understanding of what GDP measures, its limitations, and the relationship between economic and social well-being.

Understanding GDP and Its Limitations

Gross Domestic Product (GDP) quantifies the total monetary value of all finished goods and services produced within a country's borders over a specific period (Rand, 2017). It functions as an economic thermometer, indicating the size and health of a nation’s economy. While GDP provides useful information about economic activity, it has several critical limitations that hinder its ability to fully capture societal progress.

First, GDP does not account for income distribution; thus, a high GDP may coexist with significant inequality (Stiglitz, Sen, & Fitoussi, 2010). Second, GDP overlooks non-market activities such as unpaid domestic work or volunteer services, which contribute significantly to societal well-being (van der Meer, 2014). Third, it neglects environmental costs and depletion of natural resources—a growing concern in sustainable development (Costanza et al., 2014). Fourth, GDP measures quantity, not quality, of life; it does not consider factors like health, education, or social cohesion, which are integral to well-being (Joyce et al., 2010). These limitations highlight the need for complementary measures to evaluate true societal progress.

Economic Well-Being Versus Social Well-Being

Economic well-being, primarily reflected through income, employment, and consumption, is tightly linked to social well-being, which encompasses happiness, life satisfaction, and overall quality of life (Diener & Seligman, 2004). While higher income levels can improve access to healthcare, education, and leisure, they do not automatically translate into increased happiness beyond a certain point (Kahneman & Deaton, 2010). Social factors—such as community engagement, respect, and security—play crucial roles in fostering happiness and personal fulfillment.

Furthermore, excessive focus on economic growth can sometimes undermine social cohesion and environmental sustainability, potentially diminishing overall well-being (Layard, 2011). For example, rapid economic expansion may lead to increased inequality or environmental degradation, which counteracts the positive effects of income growth on happiness. Therefore, balancing economic and social dimensions of well-being is essential for genuine societal progress.

Alignment of Economic Growth and Core Values

Aligning economic growth and productivity with Saint Leo’s core values is both necessary and challenging. Excellence requires that economic pursuits pursue not only efficiency but also high standards that promote human dignity and fairness (Miller & Powers, 2019). Community emphasizes the importance of inclusive growth, ensuring that economic benefits are shared across all segments of society, fostering social cohesion (Putnam, 2000). Respect entails recognizing the intrinsic worth of every individual, which should guide economic policies toward fairness and equity.

Personal Development aligns with initiatives that promote lifelong learning and skills development, preparing individuals to thrive in a productive economy (OECD, 2014). Responsible Stewardship calls for sustainable use of resources, ensuring that economic activities do not compromise the environment for future generations. Finally, Integrity underscores transparency, honesty, and accountability in economic practices, fostering trust and ethical behavior.

While economic growth can be harmonized with these core values through deliberate policy and ethical business practices, it requires intentional efforts to prioritize social and environmental outcomes alongside financial metrics. Sustainable development models exemplify this balance, integrating economic progress with social equity and environmental stewardship (World Commission on Environment and Development, 1987).

Conclusion

GDP remains a vital but incomplete measure of a nation's economic activity and progress. Its limitations reveal the need for broader indicators capable of capturing social and environmental dimensions of well-being. Aligning economic growth with Saint Leo’s core values entails fostering inclusive, ethical, and sustainable practices that promote dignity, community, respect, personal development, responsible stewardship, and integrity. Truly sustainable progress depends on weaving these moral principles into the fabric of economic policies and practices, ensuring that growth benefits all members of society and the planet alike.

References

Costanza, R., de Groot, R., Sutton, P., van der Ploeg, S., Anderson, S. J., Kubiszewski, I., ... & Turner, R. K. (2014). Changes in the global value of ecosystem services. Global Environmental Change, 26, 152-158.

Diener, E., & Seligman, M. E. P. (2004). Beyond Money: Toward an Economy of Well-Being. Psychological Science in the Public Interest, 5(1), 1–31.

Joyce, R., Novikov, K. V., & Llopis, J. (2010). Measuring progress: Beyond GDP. Journal of Business Ethics, 92(3), 385-391.

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.

Layard, R. (2011). Happiness: Lessons from a New Science. Penguin.

Miller, S., & Powers, T. (2019). Ethical Leadership and Organizational Excellence. Journal of Business Ethics, 154(2), 363–375.

OECD. (2014). Skills for Jobs: The Role of Education and Training. Organization for Economic Cooperation and Development.

Putnam, R. D. (2000). Bowling Alone: The Collapse and Revival of American Community. Simon & Schuster.

Rand, J. (2017). Understanding GDP and Its Limitations. Economics Today, 34(4), 15-17.

Stiglitz, J. E., Sen, A., & Fitoussi, J. P. (2010). Mismeasuring Our Lives: Why GDP Doesn't DPerfectly Capture Social Progress. The New Press.

van der Meer, M. (2014). Recognizing Unpaid Work and Its Impact on Well-Being. Journal of Social Policy, 43(1), 95–112.

World Commission on Environment and Development. (1987). Our Common Future. Oxford University Press.