ICSE Class 9 Answered
Why is per capita income used over gross national product in relation to economic growth?
Asked by chaitra_ganesh | 14 Mar, 2019, 02:06: PM
Expert Answer
Economic growth aims at increasing the average availability of goods and services to people so as to bring an improvement in the standard of living of a person in the country.
PCI is the average income earned by a person and an indicator of standard of living. An increase in PCI means increase in the standard of living of the people which is the focus of economic growth. However it is important that for economic growth, PCI is higher than price levels then only per capita availability of goods and services will increase.
Hence an increase in PCI is considered more appropriate in defining economic growth.
Answered by Christina | 14 Mar, 2019, 02:40: PM
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