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Evaluating Alternatives to GDP as Measures of Social Welfare and Progress. WWWforEurope Working Paper No. 56

Author

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  • Jeroen C.J.M. van den Bergh

    (Universitat Autònoma de Barcelona)

  • Miklós Antal

    (Universitat Autònoma de Barcelona)

Abstract

Proposed alternatives to GDP as a measure of social welfare or human progress are briefly evaluated. Four main categories are considered: ISEW and GPI based on corrections of GDP, sustainable or green(ed) GDP, genuine savings or investments and composite indexes. All these alternatives turn out to suffer from various shortcomings. Nevertheless, several of them represent a considerable improvement over GDP information in approximating social welfare. This gives support to the idea that we should not wait to give less importance and attention to GDP (per capita) information in public decision making until a perfect alternative indicator is available.

Suggested Citation

  • Jeroen C.J.M. van den Bergh & Miklós Antal, 2014. "Evaluating Alternatives to GDP as Measures of Social Welfare and Progress. WWWforEurope Working Paper No. 56," WIFO Studies, WIFO, number 47188, February.
    • Handle: RePEc:wfo:wstudy:47188
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    References listed on IDEAS

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    3. Olha Hlushchenko, 2016. "Well-being funding: essence and estimation method," RIVISTA DI STUDI SULLA SOSTENIBILITA', FrancoAngeli Editore, vol. 2016(2), pages 45-55.
    4. Marianna Gilli & Massimiliano Mazzanti, 2019. "Contextualising Sustainability: Socio-Economic Dynamics, Technology and Policies," SEEDS Working Papers 0419, SEEDS, Sustainability Environmental Economics and Dynamics Studies, revised Mar 2019.
    5. van den Bergh, Jeroen, 2023. "Climate policy versus growth concerns: Suggestions for economic research and communication," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 107(C).
    6. Korobitsyn, B. A., 2015. "Methodological approaches to accounting the depletion of natural resources, changes in the environmental and human capital in the gross regional product," R-Economy, Ural Federal University, Graduate School of Economics and Management, vol. 1(3), pages 495-504.
    7. Long, Xianling & Ji, Xi, 2019. "Economic Growth Quality, Environmental Sustainability, and Social Welfare in China - Provincial Assessment Based on Genuine Progress Indicator (GPI)," Ecological Economics, Elsevier, vol. 159(C), pages 157-176.
    8. Strunz, Sebastian & Schindler, Harry, 2018. "Identifying Barriers Toward a Post-growth Economy – A Political Economy View," Ecological Economics, Elsevier, vol. 153(C), pages 68-77.
    9. Mikuláš Luptáčik & Eduard Nežinský & Martin Lábaj, 2015. "Drivers of the Change in Social Welfare. WWWforEurope Working Paper No. 105," WIFO Studies, WIFO, number 58348, February.
    10. V. K. Shrotryia & Shashank Vikram Pratap Singh, 2020. "Measuring Progress Beyond GDP: A Theoretical Perspective," Emerging Economy Studies, International Management Institute, vol. 6(2), pages 143-165, November.
    11. Mariana Conte Grand, 2017. "Beyond the Question “Is there Decoupling?” A Decoupling Ranking," CEMA Working Papers: Serie Documentos de Trabajo. 622, Universidad del CEMA.

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