Write briefly about national income and welfare.

1.	Write briefly about national income and welfare.
Answer» National Income is considered as an indicator of the economic well being of a country. The per capital income as an index of economic welfare suffers from limitations which are stated below: 1. The economic welfare depends upon the composition of goods and services provided. The greater the proportion of capital goods over consumer goods, the improvement in economic welfare will be lesser. 2. Higher GDP with greater environmental hazards such as air, water and soil pollution will be little economic welfare. 3. The production of war goods will show the increase in national output but not welfare. 4. An increase in per capital income may be due to employment of women and children or forcing workers to work for long hours. But it will not promote economic welfare.

Answer»

National Income is considered as an indicator of the economic well being of a country. The per capital income as an index of economic welfare suffers from limitations which are stated below:

1. The economic welfare depends upon the composition of goods and services provided. The greater the proportion of capital goods over consumer goods, the improvement in economic welfare will be lesser.

2. Higher GDP with greater environmental hazards such as air, water and soil pollution will be little economic welfare.

3. The production of war goods will show the increase in national output but not welfare.

4. An increase in per capital income may be due to employment of women and children or forcing workers to work for long hours. But it will not promote economic welfare.

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