Explain why GDP is a flawed measure of well-being and explain the virtues and pitfalls of available alternative approaches and ways of thinking about this.

1,Explain why GDP is a flawed measure of well-being and explain the virtues and pitfalls of available alternative approaches and ways of thinking about this.

2.Why does asymmetric information cause market failure? Explore the examples of Akerlof’s ‘market for lemons’ and of health insurance, used by economists to explain this phenomenon. Why hasn’t it resulted in the collapse of markefktts in either of these cases?