National income and welfare

GDP per capita (per person) is often used as a measure of a person's welfare. Countries with higher GDP may be more likely to also
score highly on other measures of welfare, such as life expectancy. However, there are serious limitations
to the usefulness of GDP as a measure of welfare:

• Measures of GDP typically exclude unpaid economic activity, most
  importantly domestic work such as childcare. This leads to distortions;
  for example, a paid nanny's income contributes to GDP, but an unpaid
  parent's time spent caring for children will not, even though they are
  both carrying out the same economic activity.
  
• GDP takes no account of the inputs used to produce the output. For
  example, if everyone worked for twice the number of hours, then GDP
  might roughly double, but this does not necessarily mean that workers
  are better off as they would have less leisure time. Similarly, the
  impact of economic activity on the environment is not measured in
  calculating GDP.
  
• Comparison of GDP from one country to another may be distorted by
  movements in exchange rates. Measuring national income at purchasing power parity may overcome
  this problem at the risk of overvaluing basic goods and services, for
  example subsistence farming.
  
• GDP does not measure factors that affect quality of life, such as
  the quality of the environment (as distinct from the input value) and
  security from crime. This leads to distortions - for example, spending
  on cleaning up an oil spill is included in GDP, but the negative impact
  of the spill on well-being (e.g. loss of clean beaches) is not measured.
  
• GDP is the mean (average) wealth rather than median (middle-point)
  wealth. Countries with a skewed income distribution may have a
  relatively high per-capita GDP while the majority of its citizens have a
  relatively low level of income, due to concentration of wealth in the
  hands of a small fraction of the population. See Gini coefficient.
  

Because of this, other measures of welfare such as the Human Development Index (HDI), Index of Sustainable
Economic Welfare (ISEW), Genuine Progress
Indicator (GPI), gross national happiness (GNH), and
sustainable national income
(SNI) are used.dodge 3500 wheel bearing
global sourcing

hi..
thank you for your info..

regards,
phe9oxis,
http://www.guidebuddha.com