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Hooray for GDP!

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  • Nicholas Oulton

Abstract

The idea of having GDP growth as the main target of economic policy has been under attack in recent years. The article answers some of the criticisms and argues that continued GDP growth would be good for the UK - and not just in the short term to reduce high levels of unemployment.

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File URL: http://cep.lse.ac.uk/pubs/download/cp383.pdf
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Bibliographic Info

Paper provided by Centre for Economic Performance, LSE in its series CentrePiece - The Magazine for Economic Performance with number 383.

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Date of creation: Dec 2012
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Handle: RePEc:cep:cepcnp:383

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Web page: http://cep.lse.ac.uk/centrepiece/

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  1. Susanto Basu & Luigi Pascali & Fabio Schiantarelli & Luis Serven, 2012. "Productivity and the Welfare of Nations," Working Papers 621, Barcelona Graduate School of Economics.
  2. William Brock & M. Taylor, 2010. "The Green Solow model," Journal of Economic Growth, Springer, vol. 15(2), pages 127-153, June.
  3. Robert J. Barro, 1995. "Inflation and Economic Growth," NBER Working Papers 5326, National Bureau of Economic Research, Inc.
  4. Daron Acemoglu, 2012. "The World our Grandchildren Will Inherit: The Rights Revolution and Beyond," NBER Working Papers 17994, National Bureau of Economic Research, Inc.
  5. Clinton P. McCully & Brian C. Moyer & Kenneth J. Stewart, 2007. "A Reconciliation between the Consumer Price Index and the Personal Consumption Expenditures Price Index," BEA Papers 0079, Bureau of Economic Analysis.
  6. Robert J. Gordon, 2009. "Misperceptions About the Magnitude and Timing of Changes in American Income Inequality," NBER Working Papers 15351, National Bureau of Economic Research, Inc.
  7. Mauro Giorgio Marrano & Jonathan Haskel & Gavin Wallis, 2007. "What Happened to the Knowledge Economy? ICT, Intangible Investment and Britain's Productivity Record Revisited," Working Papers 603, Queen Mary, University of London, School of Economics and Finance.
  8. William D. Nordhaus, 1992. "Lethal Model 2: The Limits to Growth Revisited," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 1-60.
  9. Carol Corrado & Charles Hulten & Daniel Sichel, 2009. "Intangible Capital And U.S. Economic Growth," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 55(3), pages 661-685, 09.
  10. Edward N. Wolff & Ajit Zacharias & Thomas Masterson, 2012. "Trends In American Living Standards And Inequality, 1959–2007," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 58(2), pages 197-232, 06.
  11. Weitzman, Martin L, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, MIT Press, vol. 90(1), pages 156-62, February.
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