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Economic Welfare Measurements and Human Well-Being

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  • Avner Offer

    ()
    (Nuffield College, Oxford)

Abstract

GDP per head is not only an economic indicator, but is widely used as a welfare indicator. This use not well founded in economic theory. The paper compares income per head with a three groups of alternative indicators: 'extended national accounts', social indicators, and indicators of subjective well-being. All of these methods indicate a decline in the welfare productivity of GDP goods over time.

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File URL: http://www.economics.ox.ac.uk/materials/papers/2270/offer34.pdf
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Bibliographic Info

Paper provided by Economics Group, Nuffield College, University of Oxford in its series Oxford University Economic and Social History Series with number _034.

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Length: 35 pages
Date of creation: 01 Jan 2000
Date of revision:
Handle: RePEc:nuf:esohwp:_034

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Web page: http://www.nuff.ox.ac.uk/economics/

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References

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  1. Crafts, Nicholas, 1992. "Was the Thatcher Experiment Worth it? British Economic Growth in a European Context," CEPR Discussion Papers 710, C.E.P.R. Discussion Papers.
  2. Blanchflower, David G. & Oswald, Andrew J., 2004. "Well-being over time in Britain and the USA," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1359-1386, July.
  3. Eisner, Robert, 1989. "The Total Incomes System of Accounts," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226196381.
  4. Dora Costa & Richard H. Steckel, 1997. "Long-Term Trends in Health, Welfare, and Economic Growth in the United States," NBER Chapters, in: Health and Welfare during Industrialization, pages 47-90 National Bureau of Economic Research, Inc.
  5. Rafael Di Tella & Robert J. MacCulloch & Andrew J. Oswald, 2003. "The Macroeconomics of Happiness," The Review of Economics and Statistics, MIT Press, vol. 85(4), pages 809-827, November.
  6. van Praag, Bernard M S & Hagenaars, Aldi J M & van Weeren, Hans, 1982. "Poverty in Europe," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 28(3), pages 345-59, September.
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