Answer:
By limiting the well-being of a society in dollar value, economics overlook a number of other important factors including:
Explanation:
Economists have long used a simple dollar value output of a country to measure their well-being. This was either done by measuring the GDP (gross domestic product) of a country of their GDP per capita i.e. output per person.
However, the productive capacity of a country is now clearly seen as not a good enough measure of a population's well-being. In the United States for example, there are a record number of billionaires while over 40 million people are living off food stamps.
In such a country, the GDP numbers are astronomical and it would seem like everyone is rich and living a life of luxury. however, this is not true.
Similarly, in a country like Srilanka, the GDP is not very high but when measured on other scales such as family values, happiness, food security etc, they are doing pretty well.
