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Maximising, Satisficing, Weights and the Evaluation of Macroeconomic Comparisons

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  • Kurt Rothschild
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    Abstract

    The success or failure of macroeconomic policy over time and in comparison to other countries is an important item in political discussions. The present paper discusses the relative advantages and disadvantages of different forms of indices which aim at an aggregated picture for macroeconomic evaluations. Maximising, satisficing, and weights in multi-item indices are discussed on a principal level. In the final section a simple numerical example comparing different countries serves as an illustration of some of the main aspects. It is shown that alternative forms can yield important differences in ranking and offer alternative insights.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

    Volume (Year): 13 (1999)
    Issue (Month): 2 ()
    Pages: 207-217

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    Handle: RePEc:taf:irapec:v:13:y:1999:i:2:p:207-217

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    1. James K. Galbraith, 1997. "Time to Ditch the NAIRU," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 93-108, Winter.
    2. Layton, Allan P, 1992. "An Estimated Australian Macroeconomic Misery Index," The Economic Record, The Economic Society of Australia, vol. 68(201), pages 118-24, June.
    3. Witteloostuijn, A. van, 1988. "Maximising and satisficing opposite or equivalent concepts?," Open Access publications from Tilburg University urn:nbn:nl:ui:12-5373315, Tilburg University.
    4. Dowrick, Steve, 1996. "Swedish Economic Performance and Swedish Economic Debate: A View from Outside," Economic Journal, Royal Economic Society, vol. 106(439), pages 1772-79, November.
    5. Oswald, Andrew, 1997. "Happiness and Economic Performance," The Warwick Economics Research Paper Series (TWERPS) 478, University of Warwick, Department of Economics.
    6. Easterlin, Richard A., 1995. "Will raising the incomes of all increase the happiness of all?," Journal of Economic Behavior & Organization, Elsevier, vol. 27(1), pages 35-47, June.
    7. van Witteloostuijn, Arjen, 1988. "Maximising and satisficing opposite or equivalent concepts?," Journal of Economic Psychology, Elsevier, vol. 9(3), pages 289-313, September.
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