Gross domestic product, real income and economic welfare
AbstractSummaryAs a measure of economic activity, gross domestic product (GDP) is a useful indicator of output and suitable for using in estimates of productivity. However, as a measure of welfare, it has several limitations. This article follows Sefton and Weale (1996, 2005) in producing an estimate of real income ‐ a corrected or adjusted version of GDP ‐ that is linked to current and future consumption possibilities. This measure of real income differs from real (money) GDP by taking account of capital consumption, net income and transfers from overseas, and uses a consumption deflator rather than a general GDP deflator so that output is valued in terms of consumption units.
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal Economic & Labour Market Review.
Volume (Year): 5 (2011)
Issue (Month): 5 (May)
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Web page: http://www.palgrave-journals.com/
Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK
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