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Alternatives to GDP - Measuring the impact of natural disasters using panel data

Author

Listed:
  • Döpke, Jörg

    (University of Applied Sciences Merseburg)

  • Maschke, Philip

    (Halle Institute for Economic Research (IWH))

Abstract

A frequent criticism of GDP states that events that obviously reduce welfare of people can nevertheless increase GDP per capita. We use data of natural disasters as quasi experiments to examine whether alternatives to GDP (Human Development Index, Progress Index, Index of Economic Well-Being and a Happiness Index) lead to more plausible responses to disasters. Applying a Differences-in-Differences approach and estimates from various panels of countries we find no noteworthy differences between the response of real GDP per capita and the responses of suggested alternative welfare measures to a natural disaster except for the Human Development Index.

Suggested Citation

  • Döpke, Jörg & Maschke, Philip, 2016. "Alternatives to GDP - Measuring the impact of natural disasters using panel data," Journal of Economic and Social Measurement, IOS Press, issue 3, pages 265-287.
    • Handle: RePEc:ris:iosjes:0058
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    Citations

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    Cited by:

    1. Nicholas Gunby & Tom Coupé, 2023. "Weather-Related Home Damage and Subjective Well-Being," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 84(2), pages 409-438, February.

    More about this item

    Keywords

    Natural disasters; alternative welfare indicators; welfare measurement;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values

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