What the GDP measures, if anything, has become quite the issue in the digital age. Consider this data: In 2012, U.S. Real GDP was $15,345.63 billion and Real Per Capita GDP was $48,842. Five years later, at the end of
2017, U.S. Real GDP was $17,096.18 billion and Real Per Capita GDP was
$52,446. (All data was extracted May 20, 2018, from FRED https://fred.stlouisfed.org/ .) Considering the data above, did the U.S. make progress? Explain your answer. Given what you know now about economics, should the measure of GDP be changed? Why or why not?
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