A comparison of ranking US GDP to other countries reveals the fact that the US is ranked high in several categories but lags in the overall performance. It is quite imperative to note that there exists a significant link between wealth and well-being, and every government is mandated to address the welfare of its citizens. Ideally, given the description of the link between wealth and well-being Jordans (2020) outlines that every government has the sole responsibility to address the needs of its nationals, especially in the context of measuring their social progress without focusing various traditional economic benchmarks, but rather on a better life index perspective (Marković, Zdravković, Mitrović & Radojičić, 2016). Ideally, the GDP only measures the total economic output of a country. Still, the better life index focuses on the sense of well-being of the nationals, particularly their access to decent housing and income (Steger & Bleischwitz, 2017). The need to capture what the citizens want and what the government is delivering comes out as an affirmative foundation of describing the economic status of a country. Hence, the link between a country's wealth and the well-being of the citizens is amicably assessed.
Fundamentally, drawing out a philosophical standpoint on how a government is responsible for addressing the well-being dwells on the concern of linking the GDP figures to the overall economic performance of a country (Steger & Bleischwitz, 2017). For instance, a country with a higher monetary value of all goods and services produced within a specific period has the requisite potential to offer jobs, quality education, better housing, and quality healthcare to its citizens (Jordans 2020). Hence, the culture of a better life index is not only for measuring the social progress of citizens in a country but also an idealistic platform for disclosing how a government is responsible for addressing the well-being of its citizens.
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References
Jordans, F. (2020). USA comes up a bit short in global Better Life Index - USATODAY.com. Retrieved 30 January 2020, from http://usatoday30.usatoday.com/money/world/2011-05-24-oecd-better-life-index_n.htm
Marković, M., Zdravković, S., Mitrović, M., & Radojičić, A. (2016). An iterative multivariate post hoc I-distance approach in evaluating OECD Better Life Index. Social Indicators Research , 126 (1), 1-19.
Steger, S., & Bleischwitz, R. (2017). Decoupling GDP from resource use, resource productivity and competitiveness: A cross-country comparison 1. In Sustainable growth and resource productivity (pp. 172-193). Routledge.
Wang, Z. T. (2018). Does GDP tell a nation’s overall economic wealth?. European journal of economics and management sciences , (3).
