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Literature Review of Frameworks for Macro-indicators

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  • Andrew Sharpe

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Abstract

There has been an explosion of interest in recent years in Canada and other countries in macro-indicators and composite indexes of economic and social well-being. This reflects growing recognition of the important role macro-indicators can play as a tool for evaluating trends in and levels of economic and social development and for assessing the impact of policy on well-being. This report provides a literature review of conceptual/operational frameworks for the development of macro-indicators that give an assessment of economic, labour market and social conditions or states of well-being. The report provides an analysis of frameworks for macro-indicators by discussing general framework issues; identifies and describes six specific frameworks for macro-indicators which the author regards as particularly important or relevant, and discusses the strengths and weaknesses of these sets of indicators/composite indexes; and provides a description of an additional 31 sets of indicators and composite indexes broken down into economic, social, economic/social, and labour market areas. The report concludes that no existing framework currently includes all important concepts and linkages and that it is unlikely that one ever will. As the survey of the macro-indicators literature reveals, the development of a framework for macro-indicators involves choices related to the domains of interest, the purpose for which the indicator is designed, and the population to be covered, among others. Choices or tradeoffs must be made and a balance struck between conceptual sophistication and transparency and between complex linkages that could potentially confuse the user and simplicity.

Suggested Citation

  • Andrew Sharpe, 2004. "Literature Review of Frameworks for Macro-indicators," CSLS Research Reports 2004-03, Centre for the Study of Living Standards.
  • Handle: RePEc:sls:resrep:0403
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    File URL: http://www.csls.ca/reports/LitRevMacro-indicators.pdf
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    References listed on IDEAS

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    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.
      • William D. Nordhaus & James Tobin, 1972. "Is Growth Obsolete?," NBER Chapters,in: Economic Research: Retrospect and Prospect, Volume 5, Economic Growth, pages 1-80 National Bureau of Economic Research, Inc.
    2. Rahman, Tauhidur & Mittelhammer, Ron C. & Wandschneider, Philip, 2005. "Measuring the Quality of Life across Countries: A Sensitivity Analysis of Well-being Indices," WIDER Working Paper Series 006, World Institute for Development Economic Research (UNU-WIDER).
    3. Lars Osberg & Andrew Sharpe, 2001. "Trends in Economic Well-being in Canada in the 1990s," The Review of Economic Performance and Social Progress,in: Andrew Sharpe, Executive Director & France St-Hilaire, Vice-President , Research & Keith Banting, Di (ed.), The Review of Economic Performance and Social Progress 2001: The Longest Decade: Canada in the 1990s, volume 1 Centre for the Study of Living Standards;The Institutute for Research on Public Policy.
    4. Miringoff, Marc L. & Miringoff, Marque-Luisa, 1999. "The Social Health of the Nation: How America is Really Doing," OUP Catalogue, Oxford University Press, number 9780195133486.
    5. Lars Osberg & Andrew Sharpe, 2010. "The Index of Economic Well-Being," Challenge, Taylor & Francis Journals, vol. 53(4), pages 25-42.
    6. Feres, Patricio & Immervoll, Herwig & Lietz, Christine & Levy, Horacio & Mantovani, Daniela & Sutherland, Holly, 2002. "Indicators for social inclusion in the European Union: how responsive are they to macro-level changes?," EUROMOD Working Papers EM3/02, EUROMOD at the Institute for Social and Economic Research.
    7. Andrew Sharpe, 1999. "A Survey of Indicators of Economic and Social Well-being," CSLS Research Reports 99wb, Centre for the Study of Living Standards.
    8. Lars Osberg & Andrew Sharpe, 2003. "An Index of Labour Market Well-being for OECD Countries," CSLS Research Reports 2003-05, Centre for the Study of Living Standards, revised Jan 2004.
    9. Osberg, L. & Sharpe, A., 1998. "An Index of Economic Well-being for Canada," Department of Economics at Dalhousie University working papers archive 98-08, Dalhousie, Department of Economics.
    10. Osberg, Lars & Sharpe, Andrew, 2002. "An Index of Economic Well-Being for Selected OECD Countries," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 48(3), pages 291-316, September.
    11. Lars Osberg & Andrew Sharpe, 2003. "Human Well-being and Economic Well-being: What Values Are Implicit in Current Indices?," CSLS Research Reports 2003-04, Centre for the Study of Living Standards.
    12. Richard Estes, 1997. "Social Development Trends in Europe, 1970–1994: Development Prospects for the New Europe," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 42(1), pages 1-19, September.
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    Citations

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    Cited by:

    1. Albu, Lucian-Liviu & Georgescu, George & Ghizdeanu, Ion, 2008. "Romania’s development level comparing with EU countries: The RGS (Relative Gap Scoring) Ranking Index," MPRA Paper 10170, University Library of Munich, Germany.
    2. Andrea Saltelli, 2007. "Composite Indicators between Analysis and Advocacy," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 81(1), pages 65-77, March.
    3. Juste Rajaonson & Georges A. Tanguay, 2010. "Le développement durable au Québec : classement des 25 plus grandes villes," CIRANO Project Reports 2010rp-10, CIRANO.
    4. Andrew Sharpe & Jeremy Smith, 2005. "Measuring the Impact of Research on Well-being: A Survey of Indicators of Well-being," CSLS Research Reports 2005-02, Centre for the Study of Living Standards.
    5. Warren, Paul, 2005. "Key Indicators in Canada," Economic Analysis (EA) Research Paper Series 2005037e, Statistics Canada, Analytical Studies Branch.
    6. Patrick Nussbaumer, Morgan Bazilian, Vijay Modi and Kandeh K. Yumkella, 2011. "Measuring Energy Poverty: Focusing on What Matters," OPHI Working Papers ophiwp042, Queen Elizabeth House, University of Oxford.
    7. Emma J. Dillon & Thia Hennessy & Stephen Hynes & Verena Commins, 2008. "Assessing the Sustainability of Irish Agriculture," Working Papers 0809, Rural Economy and Development Programme,Teagasc.
    8. Dillon, Emma J. & Hennessy, Thia C. & Hynes, Stephen, 2009. "Towards Measurement of Farm Sustainability - an Irish case study," 2009 Conference, August 16-22, 2009, Beijing, China 51786, International Association of Agricultural Economists.
    9. Productivity Commission, 2007. "Performance Benchmarking of Australian Business Regulation," Research Reports, Productivity Commission, Government of Australia, number 23.
    10. Torres-Delgado, Anna & Palomeque, Francesc López, 2014. "Measuring sustainable tourism at the municipal level," Annals of Tourism Research, Elsevier, vol. 49(C), pages 122-137.
    11. ViniÌ cius de Azevedo Couto Firme & JoaniÌ lio Rodolpho Teixeira, 2014. "Index of Macroeconomic Performance for a Subset of Countries: A Kaldorian Analysis from the Magic Square Approach Focusing on Brazilian Economy in the Period 1997-2012," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(5), pages 527-542, October.
    12. Blancas, Francisco J. & Caballero, Rafael & González, Mercedes & Lozano-Oyola, Macarena & Pérez, Fátima, 2010. "Goal programming synthetic indicators: An application for sustainable tourism in Andalusian coastal counties," Ecological Economics, Elsevier, vol. 69(11), pages 2158-2172, September.
    13. Arvanitidis, Paschalis & Petrakos, George, 2007. "Characteristics of Dynamic Regions in the World Economy: Defining Knowledge-Driven Economic Dynamism," Papers DYNREG19, Economic and Social Research Institute (ESRI).

    More about this item

    Keywords

    Well-being; Wellbeing; Well Being; Indicators; Indexes; Indices; Methodology; Economic Well-being; Economic; Social; Societal; Labour Market;

    JEL classification:

    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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