Hello,

Initially, I have found several links, and ended by finding a more academic article. This link suggests that real GDP is better, and gives the reasons behind it:

http://www.investopedia.com/ask/answers/030515/real-gdp-better-index-economic-performance-gdp.asp

This is from the same site:

http://www.investopedia.com/ask/answers/030515/when-do-economists-use-real-gdp-instead-gdp.asp

This might also be of interest:

http://www.investopedia.com/exam-guide/cfa-level-1/macroeconomics/nominal-real-gdp-deflator.asp

In this link, the text suggests that it is necessary to convert nominal GDP to real GDP:

https://2012books.lardbucket.org/books/macroeconomics-principles-v2.0/s09-03-gdp-and-economic-well-being.html

This might also be of interest:

https://www.thebalance.com/what-is-real-gdp-how-to-calculate-it-vs-nominal-3306040

This is the article:

I think this is the correct reference: Chapter 10 in Mankiw N.G. Principles of Macroeconomics:

https://www.le.ac.uk/economics/teach/ec1001/Lecture%20Notes%20given%20to%20Students/Lecture%20Notes%2001%20Chapter%2023.pdf

This is the link to preview part of the book:

https://books.google.co.uk/books?id=AObKAgAAQBAJ&printsec=frontcover#v=onepage&q=20&f=false

Very best wishes,

Mary

Out of the two options you proposed - Real GDP is better measure here, because it is adjusted to price changes. The nominal measure is used for making comparisons within a whole country (e.g. yearly changes).

But if you want to measure individual economic WB, perhaps, it might be useful to look at GDP (at purchasing power parity) per capita.

Which Is A Better Measure Of Economic Well-being Real Gdp Or Nominal Gdp?

The GDP that makes difference in common man's life!