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GDP and Welfare: Empirical Estimates of a Spectrum of Opportunity

Author

Listed:
  • Robert Bucknall
  • Stephen Christie
  • Richard Heys
  • Cliodhna Taylor

Abstract

In Heys, Martin, and Mkandawire (2019), a conceptual process was laid out to utilise existing economic statistics to tell a more complete story about economic welfare than can be delivered solely by Gross Domestic Product (GDP) alone. This paper takes this theoretical work and delivers i) further thoughts on the method and how it complies with current statistical frameworks, ii) a summary of the data which already exists in the UK for immediate use, iii) methodological steps which have been taken to fill data gaps and derive estimates, iv) empirical estimates of the different measures developed in the 'Spectrum' as a proof of concept, and v) areas of further development identified in developing these estimates, both empirically and conceptually.

Suggested Citation

  • Robert Bucknall & Stephen Christie & Richard Heys & Cliodhna Taylor, 2021. "GDP and Welfare: Empirical Estimates of a Spectrum of Opportunity," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2021-08, Economic Statistics Centre of Excellence (ESCoE).
    • Handle: RePEc:nsr:escoed:escoe-dp-2021-08
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    References listed on IDEAS

    as
    1. Brynjolfsson, Erik & Collis, Avinash & Diewert, W. Erwin & Eggers, Felix & Fox, Kevin J., 2019. "GDP-B: Accounting for the Value of New and Free Goods in the Digital Economy," OSF Preprints sptfu, Center for Open Science.
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    Cited by:

    1. Diane Coyle & Leonard Nakamura, 2022. "Time Use, Productivity, and Household-centric Measurement of Welfare in the Digital Economy," International Productivity Monitor, Centre for the Study of Living Standards, vol. 42, pages 165-186, Spring.

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    More about this item

    Keywords

    capital; digital services; economic measurement; modern economy; national accounts; official statistics; time use; welfare;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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