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GDP Concept and the GPI

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  • IYODA, Mitsuhiko

Abstract

GDP is a widely used category, which measures economic growth, and the government for public policy decisions uses that, and so on. A well-known fact is, however, that GDP is not a measure of economic welfare. This paper explores weaknesses of the GDP concept: market failures in the measurement of GDP, and (2) the conceptual distortions or limitations viewed from the viewpoint of welfare. Then we deals with one of the recent developments of welfare concern, the Genuine Progress Indicator (GPI), and the question.

Suggested Citation

  • IYODA, Mitsuhiko, 2011. "GDP Concept and the GPI," Romanian Distribution Committee Magazine, Romanian Distribution Committee, vol. 2(4), pages 04-10, December.
    • Handle: RePEc:rdc:journl:v:2:y:2011:i:4:p:04-10
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    File URL: http://crd-aida.ro/RePEc/rdc/v2i4/2.pdf
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    References listed on IDEAS

    as
    1. William D. Nordhaus & James Tobin, 1973. "Is Growth Obsolete?," NBER Chapters, in: The Measurement of Economic and Social Performance, pages 509-564, National Bureau of Economic Research, Inc.
    2. Mitsuhiko Iyoda, 2010. "Postwar Japanese Economy," Springer Books, Springer, number 978-1-4419-6332-1, December.
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    More about this item

    Keywords

    welfare viewpoint; GDP; GNP; GPI;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • P46 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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