Judgement and decision making Essay Example | Topics and Well Written Essays - 500 words - 2

Judgement and decision making - Essay Example he function of GDP focuses on the economic advantage and understanding in order to provide appropriate actions and programs that will ameliorate and develop the economic state of the country for the betterment of the people. Consequently, with the use of GDP as a basis for economic legislations, a number of economists and researchers have implicated the role of GDP in measuring the well being among people (Harvie, Slater, Philip, & Wheatley, 2009; R. Brinkman & J. Brinkman, 2011). Samimi and Darabi (2011) noted that the connection of GDP and human well being is evidently seen on the economic situation of the people, whether they are in the best or worst condition. The GDP determines the revenues and liabilities of the country that flow internally and externally from the economic value of the country. Hence, the identification of the country’s GDP will help people to recognize ways and means to enhance and develop the economic condition of the country and in turn create beneficial effects to the people. Hence, the economic policies that mirror from the GDP will create an advantage and positive interest to the people in order to experience satisfaction and contentment in life (Osberg & Sharpe, 2002). van den Bergh (2009) implicated that GDP has a number of lapses when predicting the well being among the general population of the country. Generally, there are still other external factors that could predict the high level of subjective well being among people, and GDP is just of indicators to well being. Particularly, the GDP only focuses on the annual income of the country to forecast the well being of the people; however, the GDP cannot capture the ‘adaptation phenomenon’ that people will experience after they have adjusted to their lifestyle and condition in life. For example, people who felt happiness after winning the sweepstakes are more likely to fade the feeling of happiness after a period of time (Hilts, 1999). Hence, well being is not more about the