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Economic Growth in East Asia and Western Europe Since 195 0: Implications for Living Standards

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  • N.F.R. Crafts

Abstract

Evaluations of economic performance conventionally rely on levels and rates of growth of real GDP per person. This can be mislead ing especially when comparing East Asia with Western Europe. Here it is especially important to allow for differences in hours worked, and when this is done, Asian countries' productivity outcomes look much less impressive than is usually thought. More generally, it is argued that real GDP/person is not a good guide to well-being in high income countries where broader measures of economic welfare are required and index number problems preclude reliable league tables.

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  • N.F.R. Crafts, 1997. "Economic Growth in East Asia and Western Europe Since 195 0: Implications for Living Standards," National Institute Economic Review, National Institute of Economic and Social Research, vol. 162(1), pages 75-84, October.
    • Handle: RePEc:sae:niesru:v:162:y:1997:i:1:p:75-84
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    Cited by:

    1. Andrés Marchante & Bienvenido Ortega & José Sánchez, 2006. "The Evolution of Well-Being in Spain (1980–2001): A Regional Analysis," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 76(2), pages 283-316, April.
    2. repec:eee:labchp:v:3:y:1999:i:pc:p:3029-3084 is not listed on IDEAS

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