merits & demerits of GDP as a measure of the economys output performance & as of standard of living?

Answer 1

Merits:
-shows strong countries
-Shows the high producers

Demerits:
-Does not account for 2% of the people makeing 99% of the wealth as is in the case of many countries with decent GDP and low living standards.

-Average or medain income would be better (taking out the top and bottom 10% to gauge standard of living.)