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A Comparison Of Some Short‐Cut Methods Of Estimating Real Product Per Capita

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  • Alan Heston

Abstract

Several recent studies of short‐cut estimates comparing real income (on a purchasing power basis) of countries are reviewed, including methods comparing real income based on indicators, like electricity consumption. New estimates are presented for 101 countries which had a tradition of conventional national income estimates in 1965, and for 40 countries without extended national income series. One conclusion from the empircial analysis was that until there exist a large number of countries for which purchasing power estimates of real income are available, it is difficult to discriminate between alternative short‐cut methods using indicators, and difficult to estimate real per capita incomes of low income countries without substantial errors of estimate. The paper advocates more purchasing power estimates, and institutionalizing the collection of international prices of specified items so that abbreviated market baskets can be readily compared across countries.

Suggested Citation

  • Alan Heston, 1973. "A Comparison Of Some Short‐Cut Methods Of Estimating Real Product Per Capita," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 19(1), pages 79-104, March.
  • Handle: RePEc:bla:revinw:v:19:y:1973:i:1:p:79-104
    DOI: 10.1111/j.1475-4991.1973.tb00875.x
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    Cited by:

    1. Leandro Prados de la Escosura, 2010. "Improving Human Development: A Long‐Run View," Journal of Economic Surveys, Wiley Blackwell, vol. 24(5), pages 841-894, December.
    2. Irving B. Kravis & Robert E. Lipsey, 1991. "The International Comparison Program: Current Status and Problems," NBER Chapters, in: International Economic Transactions: Issues in Measurement and Empirical Research, pages 437-468, National Bureau of Economic Research, Inc.
    3. Kenneth W. Clements & Dongling Chen, 2010. "Affluence and Food: A Simple Way to Infer Incomes," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 92(4), pages 909-926.
    4. Ward, Marianne & Devereux, John, 2012. "The Road Not Taken: Pre-Revolutionary Cuban Living Standards in Comparative Perspective," The Journal of Economic History, Cambridge University Press, vol. 72(1), pages 104-132, March.
    5. repec:cte:whrepe:wp10-07 is not listed on IDEAS
    6. repec:cte:whrepe:wp07-05 is not listed on IDEAS
    7. Irving B. Kravis & Robert E. Lipsey, 1982. "Towards an Explanation of National Price Levels," NBER Working Papers 1034, National Bureau of Economic Research, Inc.
    8. repec:cte:whrepe:wh046604 is not listed on IDEAS
    9. Ahmad, Sultan, 1992. "Regression estimates of per capital gross domestic product based on purchasing power parities," Policy Research Working Paper Series 956, The World Bank.

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