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Measuring National Income and Growth in Resource-Rich, Income-Poor Countries

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Author Info

  • Hamilton, Kirk

    ()
    (World Bank)

  • Ley, Eduardo

    ()
    (World Bank)

Abstract

GDP, the leading economic measurement, is outdated and misleading. . . . It’s like grading a corporation based on today’s cash flow and forgetting to depreciate assets and other costs. – Joseph Stiglitz, “Good Numbers Gone Bad,” Fortune, October 2, 2006.

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Bibliographic Info

Article provided by The World Bank in its journal Economic Premise.

Volume (Year): (2010)
Issue (Month): 28 (August)
Pages: 1-7

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Handle: RePEc:wbk:prmecp:ep28

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Related research

Keywords: National income; growth; natural resources; resource-rich; income-poor; GPD; wealth; assets; exports; imports;

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References

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  1. William D. Nordhaus & James Tobin, 1973. "Is Growth Obsolete?," NBER Chapters, in: The Measurement of Economic and Social Performance, pages 509-564 National Bureau of Economic Research, Inc.
    • William D. Nordhaus & James Tobin, 1972. "Is Growth Obsolete?," NBER Chapters, in: Economic Research: Retrospect and Prospect Vol 5: Economic Growth, pages 1-80 National Bureau of Economic Research, Inc.
  2. John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers 220, Queen's University, Department of Economics.
  3. Atkinson, Giles & Hamilton, Kirk, 2003. "Savings, Growth and the Resource Curse Hypothesis," World Development, Elsevier, vol. 31(11), pages 1793-1807, November.
  4. Lange, Glenn-Marie & Wright, Matthew, 2004. "Sustainable development in mineral economies: the example of Botswana," Environment and Development Economics, Cambridge University Press, vol. 9(04), pages 485-505, August.
  5. Susana Ferreira & Kirk Hamilton & Jeffrey R. Vincent, 2008. "Comprehensive Wealth and Future Consumption: Accounting for Population Growth," World Bank Economic Review, World Bank Group, vol. 22(2), pages 233-248, May.
  6. Ferreira, Susana & Vincent, Jeffrey R, 2005. "Genuine Savings: Leading Indicator of Sustainable Development?," Economic Development and Cultural Change, University of Chicago Press, vol. 53(3), pages 737-54, April.
  7. Hamilton, Kirk & Clemens, Michael, 1999. "Genuine Savings Rates in Developing Countries," World Bank Economic Review, World Bank Group, vol. 13(2), pages 333-56, May.
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Citations

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Cited by:
  1. Otaviano Canuto & Matheus Cavallari, 2012. "Natural Capital and the Resource Curse," World Bank Other Operational Studies 10042, The World Bank.
  2. World Bank, 2012. "Liberia : Inclusive Growth Diagnostics," World Bank Other Operational Studies 12609, The World Bank.

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