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GDP, Wellbeing, and Health: Thoughts on the 2017 Round of the International Comparison Program

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  • Angus Deaton
  • Paul Schreyer

Abstract

In March 2020, the International Comparison Project published its latest results, for the calendar year 2017. This round presents common‐unit or purchasing‐power‐parity data for 176 countries on Gross Domestic Product and its components. We review a number of important issues, what is new, what is not new, and what the new data can and cannot do. Of great importance is the lack of news, that the results are broadly in line with earlier results from 2011. We consider the relationship between national accounts measures and health, particularly in light of the COVID‐19 epidemic which may reduce global inequality, even as it increases inequality within countries. We emphasize things that GDP cannot do, some familiar—like its silence on distribution—and some less familiar—including its increasing detachment from national material well‐being in a globalized world where international transfers of capital and property rights can have enormous effects on GDP, such as the 26 percent increase in Ireland’s GDP in 2015.

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  • Angus Deaton & Paul Schreyer, 2022. "GDP, Wellbeing, and Health: Thoughts on the 2017 Round of the International Comparison Program," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 68(1), pages 1-15, March.
    • Handle: RePEc:bla:revinw:v:68:y:2022:i:1:p:1-15
    DOI: 10.1111/roiw.12520
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    Cited by:

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    2. John Komlos, 2022. "Running the U.S. Economy at Full Throttle Is a Stressful Variant of Capitalism," CESifo Working Paper Series 9966, CESifo.
    3. Charles R. Hulten & Leonard I. Nakamura, 2022. "Is GDP Becoming Obsolete? The “Beyond GDP” Debate," NBER Working Papers 30196, National Bureau of Economic Research, Inc.
    4. Semieniuk, Gregor, 2024. "Inconsistent definitions of GDP: Implications for estimates of decoupling," Ecological Economics, Elsevier, vol. 215(C).
    5. Chakrabarty, Debajyoti & Bhatia, Bhanu & Jayasinghe, Maneka & Low, David, 2023. "Relative deprivation, inequality and the Covid-19 pandemic," Social Science & Medicine, Elsevier, vol. 324(C).

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    More about this item

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • F10 - International Economics - - Trade - - - General
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • P22 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Prices
    • Y1 - Miscellaneous Categories - - Data: Tables and Charts

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