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A Proposal for Assessing the Economic Welfare Of Romania

Author

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  • Raluca-Maria Bala

    (The Bucharest University of Economic Studies, Romania)

Abstract

Over the last two decades many economists, sociologists and other researchers expressed their views concerning the importance of using economic welfare as an instrument for socio-economic policies instead of relying only on economic growth. This paper aims to present on one hand the weaknesses of the most important macroeconomic aggregate, GDP, in the characterization of the economic welfare of citizens and on the other hand intends to provide some evidence for the theoretical criticism made to GDP, with reference to the case of Romania, taking into account three essential components in quantifying the sustainable economic welfare of the citizens in a country: the social, economic and environmental part. Thus, it is proposed an index more appropriate than GDP in measuring economic welfare for Romania and it is compared their evolution on the last twenty years.

Suggested Citation

  • Raluca-Maria Bala, 2014. "A Proposal for Assessing the Economic Welfare Of Romania," Romanian Statistical Review, Romanian Statistical Review, vol. 62(3), pages 11-30, September.
    • Handle: RePEc:rsr:journl:v:62:y:2014:i:3:p:11-30
    as

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    References listed on IDEAS

    as
    1. Simon Kuznets, 1946. "Introduction, National Income: A Summary of Findings," NBER Chapters, in: National Income: A Summary of Findings, pages 1-2, National Bureau of Economic Research, Inc.
    2. Euston QUAH, 2012. "Cost-Benefit Analysis in Developing Countries: What’s Different?," Economic Growth Centre Working Paper Series 1205, Nanyang Technological University, School of Social Sciences, Economic Growth Centre.
    3. Simon Kuznets & Lillian Epstein & Elizabeth Jenks, 1946. "National Income and Its Composition, 1919-1938, Volume II," NBER Books, National Bureau of Economic Research, Inc, number kuzn41-3.
    4. Simon Kuznets, 1941. "National Income, 1919-1938," NBER Books, National Bureau of Economic Research, Inc, number kuzn41-2.
    5. Constantin Anghelache & Alexandru Isaic-Maniu & Constantin Mitrut & Vergil Voineagu, 2006. "Indicators System for Poverty Measurement," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 8(8(503)), pages 45-52, October.
    6. Simon Kuznets, 1946. "National Income: A Summary of Findings," NBER Books, National Bureau of Economic Research, Inc, number kuzn46-2.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    economic welfare; GDP; private consumption; sustainability;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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