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UK Real National Income, 1950-1998: Some Grounds for Optimism

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  • Crafts, Nicholas

Abstract

It has been claimed using the concept of the Index of Sustainable Economic Welfare (ISEW) that there has been an absolute decline in sustainable living standards in the UK since the mid-1970s. Revisions to ISEW are proposed to make it more nearly a measure of utility-based real national income. In particular, ISEW should be revised to take account of much-improved life expectancy. Implementing any of the suggested revisions reverses the finding of absolute decline while implementing all of them results in a growth rate higher than that of real GDP per head in the national accounts.

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  • Crafts, Nicholas, 2002. "UK Real National Income, 1950-1998: Some Grounds for Optimism," National Institute Economic Review, National Institute of Economic and Social Research, vol. 181, pages 87-95, July.
    • Handle: RePEc:cup:nierev:v:181:y:2002:i::p:87-95_11
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    Cited by:

    1. Nicholas Oulton, 2004. "A Statistical Framework for the Analysis of Productivity and Sustainable Development," CEP Discussion Papers dp0629, Centre for Economic Performance, LSE.
    2. Talberth, John & Bohara, Alok K., 2006. "Economic openness and green GDP," Ecological Economics, Elsevier, vol. 58(4), pages 743-758, July.
    3. Neumayer, Eric, 2004. "Sustainability and well-being indicators," LSE Research Online Documents on Economics 30851, London School of Economics and Political Science, LSE Library.
    4. Mirko Armiento, 2016. "The Sustainable Welfare Index for Italy, 1960-2013," Working Papers 1601, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2016.
    5. Brennan, Andrew John, 2013. "A critique of the perceived solid conceptual foundations of ISEW & GPI — Irving Fisher's cognisance of human-health capital in ‘net psychic income’," Ecological Economics, Elsevier, vol. 88(C), pages 159-166.
    6. Armiento, Mirko, 2018. "The Sustainable Welfare Index: Towards a Threshold Effect for Italy," Ecological Economics, Elsevier, vol. 152(C), pages 296-309.

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