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Gross domestic product, real income and economic welfare

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  • Graeme Chamberlin

    (Office for National Statistics)

Abstract

SummaryAs a measure of economic activity, gross domestic product (GDP) is a useful indicator of output and suitable for using in estimates of productivity. However, as a measure of welfare, it has several limitations. This article follows Sefton and Weale (1996, 2005) in producing an estimate of real income ‐ a corrected or adjusted version of GDP ‐ that is linked to current and future consumption possibilities. This measure of real income differs from real (money) GDP by taking account of capital consumption, net income and transfers from overseas, and uses a consumption deflator rather than a general GDP deflator so that output is valued in terms of consumption units.

Suggested Citation

  • Graeme Chamberlin, 2011. "Gross domestic product, real income and economic welfare," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 5(5), pages 5-25, May.
  • Handle: RePEc:pal:ecolmr:v:5:y:2011:i:5:p:5-25
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    Cited by:

    1. Constantin ANGHELACHE & Alexandru MANOLE & Mădălina Gabriela ANGHEL, 2015. "Analysis of final consumption and gross investment influence on GDP – multiple linear regression model," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(604), A), pages 137-142, Autumn.
    2. Constantin Anghelache & Alexandru Manole & Madalina Gabriela Anghel, 2015. "Analysis of Final Consumption, Gross Investment, the Changes in Inventories and Net Exports Influence of GDP Evolution, by Multiple Regression," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 5(3), pages 66-70, July.
    3. Madalina Gabriela ANGHEL & Aurelian DIACONU & Cristina SACALA, 2015. "Analysis of the Evolution of Gross Domestic Product by Categories of Users," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 63(10), pages 35-42, October.
    4. repec:agr:journl:v:3(604):y:2015:i:3(604):p:137-142 is not listed on IDEAS
    5. repec:rsr:supplm:v:65:y:2017:i:2:p:122-129 is not listed on IDEAS

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