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Economic Welfare Measurements and Human Well-Being.

Abstract:
GDP per head is not only an economic indicator, but is widely used as a welfare indicator. This use not well founded in economic theory. The paper compares income per head with a three groups of alternative indicators: 'extended national accounts', social indicators, and indicators of subjective well-being. All of these methods indicate a decline in the welfare productivity of GDP goods over time.

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Volume:
34
Series:
Discussion Papers in Economic and Social History
Publication date:
2000-01-05
URN:
uuid:c9dae321-0e7c-4390-9671-5580c5087d23
Local pid:
oai:economics.ouls.ox.ac.uk:14825
Language:
English

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