Aspects Of Methods Of Quantifying Economic Development And Well-Being

The concept of socio-economic development of a state is most of the time associated with the indicator of gross domestic product. An economic development is considered positive if the totality of the production of goods and services increases compared to the previous referencemoment. In the current context of the globalization, through which business environments and the level of good status of the population become interdependent, aspects of economic growth must be based on sustainability and stability. At the beginning of the '90s, the specialized literature began to analyze the deficiencies of gross domestic product growth as an indicator of the increase in living standards, but this topic remains up to date, given that the research environment has developed in the last two decades a series of alternative evaluation methods. In this context, we consider it opportune to expose the alternatives for calculating the standard of living, economic growth and human development, considering that this aspect cannot be totally regarded only through the mercantile point of view of the economic and financial indices. Through a comparison of the methods of assessing well-being, we will conclude the relevance of classical macroeconomic indicators versus their alternatives and the opportunities for use, depending on the context of the research.