Beyond GDP: Methodological and measurement issues in redefining “wealth”
AbstractIn the last decades; a growing stock of literature has been devoted to the criticism of GDP as an indicator of societal wealth. A relevant question is: what are the perspectives to build, on the existing knowledge and consensus, alternative measures of prosperity? A starting point may be to connect well-being research agenda with the sustainability one. However, there is no doubt that there is a lot of complexity and fuzziness inherent in multidimensional concepts such as sustainability and well-being. This article analyses the theoretical foundations and the empirical validity of some multidimensional technical tools that can be used for well-being evaluation and assessment. Of course one should not forget that policy conclusions derived through any mathematical model depend also on the conceptual framework used, i.e. which representation of reality (and thus which societal values and interests) has been considered.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica in its series UHE Working papers with number 2012_09.
Length: 32 pages
Date of creation: Nov 2012
Date of revision:
Contact details of provider:
Postal: Edifici B, Campus UAB, 08193, Bellaterra, Barcelona, Spain
Phone: +34 935811203
Fax: +34 935812012
Web page: http://www.h-economica.uab.es
More information through EDIRC
Well-Being; Sustainability; Multi-Criteria Evaluation; Composite Indicators; Complexity;
Find related papers by JEL classification:
- C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
- C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
- Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-01-07 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Arrow, Kenneth J. & Dasgupta, Partha & Goulder, Lawrence H. & Mumford, Kevin J. & Oleson, Kirsten, 2012.
"Sustainability and the measurement of wealth,"
Environment and Development Economics,
Cambridge University Press, vol. 17(03), pages 317-353, June.
- Kenneth J. Arrow & Partha Dasgupta & Lawrence H. Goulder & Kevin J. Mumford & Kirsten Oleson, 2010. "Sustainability and the Measurement of Wealth," NBER Working Papers 16599, National Bureau of Economic Research, Inc.
- Kenneth J. Arrow, Stanford University & Partha Dasgupta, University of Cambridge. & Lawrence H. Goulder, 2010. "Sustainability and the Measurement of Wealth," NIESR Discussion Papers 369, National Institute of Economic and Social Research.
- Cherchye, Laurens & Knox Lovell, C.A. & Moesen, Wim & Van Puyenbroeck, Tom, 2007.
"One market, one number? A composite indicator assessment of EU internal market dynamics,"
European Economic Review,
Elsevier, vol. 51(3), pages 749-779, April.
- Laurens Cherchye & Knox Lovell & Wim Moesen & Tom Van Puyenbroeck, 2005. "One Market, One Number? A Composite Indicator Assessment of EU Internal Market Dynamics," Public Economics Working Paper Series ces0513, Katholieke Universiteit Leuven, Centrum voor Economische Studiën, Working Group Public Economics.
- Giles Atkinson & Kirk Hamilton, 2007. "Progress along the path: evolving issues in the measurement of genuine saving," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 37(1), pages 43-61, May.
- Graciela Chichilnisky, 1996.
"An axiomatic approach to sustainable development,"
Social Choice and Welfare,
Springer, vol. 13(2), pages 231-257, April.
- Barthelemy, J. P. & Guenoche, A. & Hudry, O., 1989. "Median linear orders: Heuristics and a branch and bound algorithm," European Journal of Operational Research, Elsevier, vol. 42(3), pages 313-325, October.
- Kenneth J. Arrow, 1997. "Invaluable Goods," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 757-765, June.
- Laurens Cherchye & Wim Moesen & Tom Van Puyenbroeck, 2003.
"Legitimately Diverse, yet Comparable: On Synthesising Social Inclusion Performance in the EU,"
Public Economics Working Paper Series
ces0301, Katholieke Universiteit Leuven, Centrum voor Economische Studiën, Working Group Public Economics.
- Laurens Cherchye & Wim Moesen & Tom Puyenbroeck, 2004. "Legitimately Diverse, yet Comparable: On Synthesizing Social Inclusion Performance in the EU," Journal of Common Market Studies, Wiley Blackwell, vol. 42(5), pages 919-955, December.
- Francisco Cribari-Neto & Mark J. Jensen & Alvaro C. Novo, 1997.
"Research in Econometric Theory: Quantitative and Qualitative Productivity Rankings,"
9711001, EconWPA, revised 04 Mar 1998.
- Cribari-Neto, Francisco & Jensen, Mark J. & Novo, lvaro A., 1999. "Research In Econometric Theory: Quantitative And Qualitative Productivity Rankings," Econometric Theory, Cambridge University Press, vol. 15(05), pages 719-752, October.
- Anindya Banerjee & Massimiliano Marcellino & Igor Masten, 2003.
"Leading Indicators for Euro-area Inflation and GDP Growth,"
235, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Anindya Banerjee & Massimiliano Marcellino & Igor Masten, 2005. "Leading Indicators for Euro-area Inflation and GDP Growth," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 67(s1), pages 785-813, December.
- Banerjee, Anindya & Marcellino, Massimiliano & Masten, Igor, 2003. "Leading Indicators for Euro Area Inflation and GDP Growth," CEPR Discussion Papers 3893, C.E.P.R. Discussion Papers.
- Bouyssou, Denis, 1986. "Some remarks on the notion of compensation in MCDM," European Journal of Operational Research, Elsevier, vol. 26(1), pages 150-160, July.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jesus Ramos-Martin).
If references are entirely missing, you can add them using this form.