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The Health Of Nations

In the given podcast Martha Nussbaum pointed out the facts that the “Gross Domestic Product” is not a proper way to measure living standards around the world. Martha Nussbaum is a professor of law and philosophy at the university of Chicago but she has been also collaborating with an economist, a Nobel Laureate Amartya Sen to find a better, proper and fairer way to measure living standards around the world. She was asked about that what she liked to call herself in which she replied a philosopher. Gross Domestic Product is the total market value which includes all the goods and other services produced by a country with in a year. According to Nussbaum Gross Domestic Product is an obtuse measure and she like to look at is what people are able to do and to be. She also write a book about development and is called “Creating Capabilities : The Human Development Approach” and argues about the things that the Gross Domestic Product fails to measure The problem with Gross Domestic Product is that it didn’t tell us about the profits of foreign investment often go out of the country back to the investing country and what’s happening for those people in that country. Furthermore there are some more serious problems like “Distribution”. We want to know how people at the top are doing and how people at the bottom are doing and what levels of equality that society has attained. There are so many important things like health, education , the quality of race relations, these are huge things to deal with and turns out that  Gross Domestic Product is not measuring some of the most important things. After seeing such truths about GDP, Martha Nussbaum with the help of Noble-winner develop a new framework for assessing and increasing human welfare around the world. Nussbaum admits that the measurement that they’ve been promoting, the, Human Development Index, is hardly perfect, as it’s not such a simple thing to quantify freedom and well-being. But because the HDI at least factors in things like healthcare and education, Nussbaum feels it does a better job than GDP. And the HDI has gained much acceptance in development circles. 

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