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The New Zealand Treasury's Living Standards Framework - Exploring a Stylised Model

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  • Girol Karacaoglu

    (The Treasury)

Abstract

The New Zealand Treasury's Living Standards Framework (LSF) is a guide for thinking about good economic, environmental and social policy in an integrated way - policy that aims to enhance individual and communal wellbeing on a sustained basis. This paper presents an evolving stylised model (one possible model) for the LSF; it is work in progress. The model is constructed by weaving together threads from the wellbeing, sustainable development and endogenous economic growth literatures. Its primary aim is to capture all key attributes of the LSF in a unified model. In doing so, I wish to identify the domain of a public policy that aims to enhance collective intergenerational wellbeing, highlight the key complementarities and tradeoffs that we face as a society in this pursuit, and explore the policy options and levers available to the policy makers to relax these tradeoffs and exploit the complementarities to the same end.

Suggested Citation

  • Girol Karacaoglu, 2015. "The New Zealand Treasury's Living Standards Framework - Exploring a Stylised Model," Treasury Working Paper Series 15/12, New Zealand Treasury.
    • Handle: RePEc:nzt:nztwps:15/12
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    File URL: https://treasury.govt.nz/sites/default/files/2015-09/twp15-12.pdf
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    References listed on IDEAS

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    Cited by:

    1. Peter ven de Ven & Anne Harrison & Barbara Fraumeni & Diane Coyle, 2017. "The Future of the National Accounts: Statistics and the Democratic Conversation My thanks to Dave Giles, James Grant, Magnus Henrekson, Johannes Hirata, Alice Nakamura, Peter Sinclair and Geoff Tily f," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 63, pages 223-237, December.
    2. Dean C. Stronge & Bryan A. Stevenson & Garth R. Harmsworth & Robyn L. Kannemeyer, 2020. "A Well-Being Approach to Soil Health—Insights from Aotearoa New Zealand," Sustainability, MDPI, vol. 12(18), pages 1-12, September.
    3. Driscoll O'Keefe, Maximilien, 2016. "A stylised macroeconomic model incorporating green capital in the framework of Viability Theory," MPRA Paper 75405, University Library of Munich, Germany.
    4. Anita King, 2018. "Living Standards Analysis Model: The First Prototype," Treasury Working Paper Series 18/05, New Zealand Treasury.
    5. Joey Au & Andrew Coleman & Trudy Sullivan, 2015. "A Practical Approach to Well-being Based Policy Development: What Do New Zealanders Want from Their Retirement Income Policies?," Treasury Working Paper Series 15/14, New Zealand Treasury.
    6. Diane Coyle, 2015. "Talking about the National Accounts: Statistics and the Democratic Conversation," Economics Discussion Paper Series 1506, Economics, The University of Manchester.

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