1907 19-2 Economic Growth is Often measured by the rate of change of real GDP although this has many deficiencies it omits output that is not bought/sold .e.g.leisure,pollution,congestion it also neglects income distribution so higher GDP per capita does not necessarily mean greater happiness - but it helps. Economics ECONOMICS MANAGEMENT SCHOOL,TONGJI UNIVERSITY Economics ECONOMICS & MANAGEMENT SCHOOL, TONGJI UNIVERSITY 19-2 Economic Growth is • Often measured by the rate of change of real GDP – although this has many deficiencies – it omits output that is not bought/sold • e.g. leisure, pollution, congestion – it also neglects income distribution • so higher GDP per capita does not necessarily mean greater happiness – but it helps