GDP Concept and the GPI
AbstractGDP is a widely used category, which measures economic growth, and the government for public policy decisions uses that, and so on. A well-known fact is, however, that GDP is not a measure of economic welfare. This paper explores weaknesses of the GDP concept: market failures in the measurement of GDP, and (2) the conceptual distortions or limitations viewed from the viewpoint of welfare. Then we deals with one of the recent developments of welfare concern, the Genuine Progress Indicator (GPI), and the question.
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Bibliographic InfoArticle provided by Romanian Distribution Committee in its journal Romanian Distribution Committee Magazine Volume 2 Issue 4.
Volume (Year): 2 (2011)
Issue (Month): 4 (December)
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Web page: http://www.distribution-magazine.eu
welfare viewpoint; GDP; GNP; GPI;
Find related papers by JEL classification:
- E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
- P46 - Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty
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