IDEAS home Printed from https://ideas.repec.org/a/aea/jeclit/v56y2018i3p867-919.html
   My bibliography  Save this article

Production and Welfare: Progress in Economic Measurement

Author

Listed:
  • Dale W. Jorgenson

Abstract

While the GDP was intended by its originators as a measure of production, the absence of a measure of welfare in the national accounts has led to widespread misuse of the GDP to proxy welfare. Measures of welfare are needed to appraise the outcomes of changes in economic policies and evaluate the results. Concepts that describe the income distribution, such as poverty and inequality, fall within the scope of welfare rather than production. This paper reviews recent advances in the measurement of production and welfare within the national accounts, primarily in the United States and the international organizations. Expanding the framework beyond the national accounts has led to important innovations in the measurement of both production and welfare.

Suggested Citation

  • Dale W. Jorgenson, 2018. "Production and Welfare: Progress in Economic Measurement," Journal of Economic Literature, American Economic Association, vol. 56(3), pages 867-919, September.
    • Handle: RePEc:aea:jeclit:v:56:y:2018:i:3:p:867-919
    Note: DOI: 10.1257/jel.20171358
    as

    Download full text from publisher

    File URL: https://www.aeaweb.org/articles?id=10.1257/jel.20171358
    Download Restriction: no
    File URL: https://www.aeaweb.org/articles/attachments?retrieve=0t2mKRqoOGw4k0BwP0aYn70yCzNTZzki
    Download Restriction: Access to full text is restricted to AEA members and institutional subscribers.
    ---><---

    More about this item

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • I20 - Health, Education, and Welfare - - Education - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aea:jeclit:v:56:y:2018:i:3:p:867-919. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Michael P. Albert (email available below). General contact details of provider: https://edirc.repec.org/data/aeaaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.