GDP Transforms to Well-Being! Results in the USA and China

There has been no research on the internal consistency of GDP’s three component indicators: household consumption, business and household investment, and government spending. This chapter establishes 1) the internal consistency of these indicators in the world’s two largest economies and 2) their near-perfect prediction of the United Nation’s Human Development Index (HDI). Thus, HDI computation can be carried out from American and Chinese GDPs alone without survey sampling, questionnaire interrogation, probabilistic inference, or significance testing.