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Beyond GDP: Methodological and measurement issues in redefining “wealth”

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  • Giuseppe Munda

    (Departament d'Economia i d'Història Econòmica, Universitat Autònoma de Barcelona)

Abstract

In 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.

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Bibliographic Info

Paper 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.

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Length: 32 pages
Date of creation: Nov 2012
Date of revision:
Handle: RePEc:aub:uhewps:2012_09

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Keywords: Well-Being; Sustainability; Multi-Criteria Evaluation; Composite Indicators; Complexity;

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  1. 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, Department of Economics, University of Oxford, vol. 67(s1), pages 785-813, December.
  2. 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, Cambridge University Press, vol. 17(03), pages 317-353, June.
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  10. 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, Elsevier, vol. 51(3), pages 749-779, April.
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