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Q 1: Why do Feeny et al. question whether GDP, alone, can adequately indicate the genuine...

Q 1: Why do Feeny et al. question whether GDP, alone, can adequately indicate the genuine progress of South Korea? (max 300 words; 3 marks)

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GDP alone cannot adequately indicate the genuine progress of South Korea. Why because, GDP is not always account for the underground economy. It always relies on official data so it did not not account the underground economy which is experienced by South Korea. Also, it cannot be considered as a perfect measure in some cases. It has the problem of double counting. There is a probability of counting goods into GDP which already counted. It also has a problem of emphasizing output without considering economic well being. In short, GDP alone cannot adequately indicate the genuine progress of South Korea.

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