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GDP and beyond: Prosperity convergence in the countries of Western and Eastern Europe

Author

Listed:
  • Mirjana Gligorić Matić

    (Faculty of Economics, University of Belgrade, Kamenicka 6, Beograd 11000, Serbia)

  • Biljana Jovanović Gavrilović

    (Faculty of Economics, University of Belgrade, Kamenicka 6, Beograd 11000, Serbia)

  • Nenad Stanišić

    (Faculty of Economics, University of Kragujevac, Serbia)

Abstract

After Second World War (WWII) a true evolution in understanding of economic development happened, which affected the ways of measuring prosperity, i.e. perceiving changes in people’s welfare. Numerous indicators have been created, which go ‘beyond GDP’ and cover different aspects of development and wellbeing. The aim of this paper is to analyse prosperity convergence in 32 European countries with a composite indicator – Legatum Prosperity Index (LPI). LPI is more complete than other indicators used in convergence analysis and reflects multidimensional nature of modern development and prosperity. Our research of absolute beta convergence is based on cross-sectional and panel data. Results indicate the existence of convergence in the overall index and its constitutive parts – dimensions and pillars, with different convergence speed regarding LPI and its segments for the total sample of countries, as well as for the countries of Eastern and Western Europe.

Suggested Citation

  • Mirjana Gligorić Matić & Biljana Jovanović Gavrilović & Nenad Stanišić, 2020. "GDP and beyond: Prosperity convergence in the countries of Western and Eastern Europe," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 70(4), pages 493-511, December.
    • Handle: RePEc:aka:aoecon:v:70:y:2020:i:4:p:493-511
    DOI: 10.1556/032.2020.00033
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    Cited by:

    1. Oana Oprisan & Speranta Pirciog & Alina Elena Ionascu & Cristina Lincaru & Adriana Grigorescu, 2023. "Economic Resilience and Sustainable Finance Path to Development and Convergence in Romanian Counties," Sustainability, MDPI, vol. 15(19), pages 1-24, September.

    More about this item

    Keywords

    GDP; sustainable development; Legatum Prosperity Index; convergence; European countries;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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