Economics Assignment: Discussion Questions Submission

Three: Many economists argue that economic accounting or real Gross Domestic measure (GDP) deals poorly with environmental and economic welfare. For instance, natural disasters e.g. Australia’s deadliest 2019-2020 Bushfire and Droughts, Japan’s March 2011 earthquake and tsunami or human induced disasters e.g. Gulf of Mexico 2010 oil spill and the very recent Mauritius oil spill from Japanese bulk carrier, often have mixed impact on GDP. Using one of the examples mentioned above, discuss the likely short-term and long-term impact on GDP and justify the claim why many economists argue that real GDP deals poorly with matters for instance environmental and economic welfare. Now, undertake an internet search to identify the motivation behind the construction of National Resource Balance Sheets (NRBS) and suggest if there are any alternative measures available to consider the environmental impacts on GDP.

Subject Name: Economics

Level: Undergraduate

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