Neither dashboard nor 'mashup' indices: an empirical wealth approach as a pathway to a comprehensive measure of development
The article is composed of two sections. The first one is a critical review of the three main alternative indices to GDP which were proposed in the last decades – the Human Development Index (HDI), the Genuine Progress Indicator (GPI), and the Happy Planet Index (HPI) – which is made on the basis of conceptual foundations, rather than looking at issues of statistical consistency or mathematical refinement as most of the literature does. The pars construens aims to propose an alternative measure, the composite wealth index, consistent with an approach to development based on the notion of composite wealth, which is in turn derived from an empirical common sense criterion. Arguably, this approach is suitable to be conveyed into an easily understandable and coherent indicator, and thus appropriate to track development in its various dimensions: simple in its formulation, the wealth approach can incorporate social and ecological goals without significant alterations in conceptual foundations, while reducing to a minimum arbitrary weighting.
|Date of creation:||Feb 2012|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +34 935811203
Fax: +34 935812012
Web page: http://www.h-economica.uab.es
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dora Costa & Richard H. Steckel, 1997.
"Long-Term Trends in Health, Welfare, and Economic Growth in the United States,"
in: Health and Welfare during Industrialization, pages 47-90
National Bureau of Economic Research, Inc.
- Dora L. Costa & Richard H. Steckel, 1995. "Long-Term Trends in Health, Welfare, and Economic Growth in the United States," NBER Historical Working Papers 0076, National Bureau of Economic Research, Inc.
- Sudhir Anand and Amartya Sen, 2000. "The Income Component of Human Development Index," Human Development Occasional Papers (1992-2007) HDOCPA-2000-01, Human Development Report Office (HDRO), United Nations Development Programme (UNDP).
- Crafts, N. F. R., 1997. "The Human Development Index and changes in standards of living: Some historical comparisons," European Review of Economic History, Cambridge University Press, vol. 1(03), pages 299-322, December.
- Kakwani, N., 1993. "Performance in living standards : An international comparison," Journal of Development Economics, Elsevier, vol. 41(2), pages 307-336, August.
- Neumayer, Eric, 2000. "On the methodology of ISEW, GPI and related measures: some constructive suggestions and some doubt on the 'threshold' hypothesis," Ecological Economics, Elsevier, vol. 34(3), pages 347-361, September.
- Emanuele Felice, 2007. "I divari regionali in Italia sulla base degli indicatori sociali (1871-2001)," Rivista di Politica Economica, SIPI Spa, vol. 97(2), pages 359-406, March-Apr.
- Sudhir Anand and Amartya Sen, 1994. "Sustainable Human Development: Concepts and Priorities," Human Development Occasional Papers (1992-2007) HDOCPA-1994-03, Human Development Report Office (HDRO), United Nations Development Programme (UNDP).
- Satya R. Chakravarty, 2003. "A Generalized Human Development Index," Review of Development Economics, Wiley Blackwell, vol. 7(1), pages 99-114, February.
- Kai-yuen Tsui, 1996. "Improvement indices of well-being (*)," Social Choice and Welfare, Springer, vol. 13(3), pages 291-303.
- Yu Hsing, 2005. "Economic growth and income inequality: the case of the US," International Journal of Social Economics, Emerald Group Publishing, vol. 32(7), pages 639-647, July.
- Lawn, Philip A., 2003. "A theoretical foundation to support the Index of Sustainable Economic Welfare (ISEW), Genuine Progress Indicator (GPI), and other related indexes," Ecological Economics, Elsevier, vol. 44(1), pages 105-118, February.
- Giuseppe Munda & Michela Nardo, 2009. "Noncompensatory/nonlinear composite indicators for ranking countries: a defensible setting," Applied Economics, Taylor & Francis Journals, vol. 41(12), pages 1513-1523.
- Dan Usher, 1973. "An Imputation to the Measure of Economic Growth for Changes in Life Expectancy," NBER Chapters, in: The Measurement of Economic and Social Performance, pages 193-232 National Bureau of Economic Research, Inc.
- Atkinson, Anthony B., 1970. "On the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 2(3), pages 244-263, September.
- Giuseppe Munda & Michaela Saisana, 2011. "Methodological Considerations on Regional Sustainability Assessment Based on Multicriteria and Sensitivity Analysis," Regional Studies, Taylor & Francis Journals, vol. 45(2), pages 261-276.
- Sudhir Anand & Amartya Sen, 2000. "The Income Component of the Human Development Index," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 1(1), pages 83-106.
- Munda, Giuseppe, 2004. "Social multi-criteria evaluation: Methodological foundations and operational consequences," European Journal of Operational Research, Elsevier, vol. 158(3), pages 662-677, November.
- Andrea Brandolini & Giovanni Vecchi, 2011. "The Well-Being of Italians: A Comparative Historical Approach," Quaderni di storia economica (Economic History Working Papers) 19, Bank of Italy, Economic Research and International Relations Area.
- Dan Usher, 1973. "The Measurement of Economic Growth," Working Papers 145, Queen's University, Department of Economics.
- Sakiko Fukuda-Parr, 2003. "The Human Development Paradigm: Operationalizing Sen'S Ideas On Capabilities," Feminist Economics, Taylor & Francis Journals, vol. 9(2-3), pages 301-317.
- Boyd, James & Banzhaf, Spencer, 2007. "What are ecosystem services? The need for standardized environmental accounting units," Ecological Economics, Elsevier, vol. 63(2-3), pages 616-626, August.
- Stockhammer, Engelbert & Hochreiter, Harald & Obermayr, Bernhard & Steiner, Klaus, 1997. "The index of sustainable economic welfare (ISEW) as an alternative to GDP in measuring economic welfare. The results of the Austrian (revised) ISEW calculation 1955-1992," Ecological Economics, Elsevier, vol. 21(1), pages 19-34, April.
When requesting a correction, please mention this item's handle: RePEc:aub:uhewps:2012_01. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jesus Ramos-Martin)
If references are entirely missing, you can add them using this form.