The United States leads the world as the strongest economy, with a GDP exceeding $27 trillion. Its success is due to its technological innovation, robust financial market, and ability to attract global investment. China ranks second, with a GDP close to $20 trillion, standing out for its investment in infrastructure and digitalization.
Some would argue that smaller countries like Switzerland or Norway have "better" economies in terms of living standards.
That argument is correct only if you're not using GDP to measure the living standard. The problem is that neoclassical economist often used GDP to measure the living standard. It makes US is always having the higher living standard compared to the small countries. While the fact, small countries can have better live standard than US. Some small countries have life expentancy, less malnutriniton, or etc compared to the US.
I completely agree. GDP doesn’t reflect the quality of life — it’s important to consider indicators like the Human Development Index, poverty levels, and access to healthcare and education. For example, in countries like Switzerland or Norway, the standard of living is objectively higher than in the U.S., despite having a lower GDP.