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GDP has long served as an indicator of development. In terms of traditional utility theory, there was an apparent connection between more income and higher well-being, measured by the consumption levels of food, shelter, clothing, and health care. However, studies have revealed that higher income levels do not necessarily mean greater well-being especially in the context of adverse impacts on climate change, biodiversity loss, inter-species balance, lack of access to basic amenities, social inequality, and increased stress levels.
It is increasingly being recognised that a focus on GDP growth alone cannot address problems of climate change, education, health care development, and governance. The need to complement purely GDP-based progress with alternative measures of economic and societal progress is now being suggested as a new reference point for measuring quality growth.
Nature, biodiversity and ecological balance
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