Changes in GDP can be used a proxy for economic progress. GDP itself is a measure of economic activity. The underlying assumption is that the overall structur

Changes in GDP can be used a proxy for economic progress. GDP itself is a measure of economic activity. The underlying assumption is that the overall structure of the economy does not change much from one year to the next. Thus, while an increase in GDP is usually analogous to an increase in overall economic well being, one must keep in mind that GDP is NOT a measure economic progress, wealth, income, happiness, well-being, etc.