IDEAS home Printed from https://ideas.repec.org/p/nsr/escoed/escoe-dp-2021-08.html
   My bibliography  Save this paper

GDP and Welfare: Empirical Estimates of a Spectrum of Opportunity

Author

Listed:
  • Robert Bucknall
  • Stephen Christie
  • Richard Heys
  • Cliodhna Taylor

Abstract

In Heys, Martin, and Mkandawire (2019), a conceptual process was laid out to utilise existing economic statistics to tell a more complete story about economic welfare than can be delivered solely by Gross Domestic Product (GDP) alone. This paper takes this theoretical work and delivers i) further thoughts on the method and how it complies with current statistical frameworks, ii) a summary of the data which already exists in the UK for immediate use, iii) methodological steps which have been taken to fill data gaps and derive estimates, iv) empirical estimates of the different measures developed in the 'Spectrum' as a proof of concept, and v) areas of further development identified in developing these estimates, both empirically and conceptually.

Suggested Citation

  • Robert Bucknall & Stephen Christie & Richard Heys & Cliodhna Taylor, 2021. "GDP and Welfare: Empirical Estimates of a Spectrum of Opportunity," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2021-08, Economic Statistics Centre of Excellence (ESCoE).
    • Handle: RePEc:nsr:escoed:escoe-dp-2021-08
    as

    Download full text from publisher

    File URL: https://escoe-website.s3.amazonaws.com/wp-content/uploads/2021/07/05183316/ESCoE-DP-2021-08.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Brynjolfsson, Erik & Collis, Avinash & Diewert, W. Erwin & Eggers, Felix & Fox, Kevin J., 2019. "GDP-B: Accounting for the Value of New and Free Goods in the Digital Economy," OSF Preprints sptfu, Center for Open Science.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Diane Coyle & Leonard Nakamura, 2022. "Time Use, Productivity, and Household-centric Measurement of Welfare in the Digital Economy," International Productivity Monitor, Centre for the Study of Living Standards, vol. 42, pages 165-186, Spring.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Edward Castronova, 2023. "Preference evolution, attention, and happiness," Kyklos, Wiley Blackwell, vol. 76(2), pages 301-315, May.
    2. Alexandre Bourgeois, 2020. "Free Services from the Digital Economy: Do We Need to Measure Their Value and How?," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Etudes Economiques (INSEE), issue 517-518-5, pages 157-172.
    3. Du, Juntao & Shen, Zhiyang & Song, Malin & Zhang, Linda, 2023. "Nexus between digital transformation and energy technology innovation: An empirical test of A-share listed enterprises," Energy Economics, Elsevier, vol. 120(C).
    4. Diane Coyle & David Nguyen, 2020. "Valuing Goods Online and Offline: the Impact of Covid-19," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2020-10, Economic Statistics Centre of Excellence (ESCoE).
    5. Daniel Sichel & Eric von Hippel, 2021. "Household Innovation and R&D: Bigger than You Think," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(3), pages 639-658, September.
    6. MARTENS Bertin, 2020. "An economic perspective on data and platform market power," JRC Working Papers on Digital Economy 2020-09, Joint Research Centre.
    7. David Byrne & Carol Corrado, 2020. "Accounting for Innovations in Consumer Digital Services: IT Still Matters," NBER Chapters, in: Measuring and Accounting for Innovation in the Twenty-First Century, pages 471-517, National Bureau of Economic Research, Inc.
    8. Josh Martin & Rebecca Riley, 2023. "Productivity measurement - Reassessing the production function from micro to macro," Working Papers 033, The Productivity Institute.
    9. Straubhaar, Thomas, 2021. "Datenwirtschaft: Was ist neu und anders?," Edition HWWI: Chapters, in: Straubhaar, Thomas (ed.), Neuvermessung der Datenökonomie, volume 6, pages 9-25, Hamburg Institute of International Economics (HWWI).
    10. Bertin Martens & Alexandre de Streel & Inge Graef & Thomas Tombal & Nestor Duch-Brown, 2020. "Business-to-Business data sharing: An economic and legal analysis," JRC Working Papers on Digital Economy 2020-05, Joint Research Centre.
    11. Ricky N. Lawton & Daniel Fujiwara & Ulrike Hotopp, 2022. "The value of digital archive film history: willingness to pay for film online heritage archival access," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 46(1), pages 165-197, March.
    12. Wulong Gu & Michael Willox, 2023. "The Post-2001 Productivity Growth Divergence between Canada and the United States," International Productivity Monitor, Centre for the Study of Living Standards, vol. 45, pages 27-60, Fall.
    13. Richard Davies, 2021. "Prices and inflation in the UK - A new dataset," CEP Occasional Papers 55, Centre for Economic Performance, LSE.
    14. Diane Coyle & David Nguyen, 2020. "Free goods and economic welfare," Economic Statistics Centre of Excellence (ESCoE) Discussion Papers ESCoE DP-2020-18, Economic Statistics Centre of Excellence (ESCoE).
    15. Ege Erdil & Tamay Besiroglu, 2023. "Explosive growth from AI automation: A review of the arguments," Papers 2309.11690, arXiv.org, revised Jul 2024.
    16. Wanying Rao & Pingfeng Liu, 2024. "Can Digital Innovation Improve Green Total Factor Productivity: Evidence from Digital Patents of China," Sustainability, MDPI, vol. 16(10), pages 1-21, May.
    17. Timo Boppart & Huiyu Li, 2021. "Productivity Slowdown: Reducing the Measure of Our Ignorance," Working Paper Series 2021-21, Federal Reserve Bank of San Francisco.
    18. David M. Cutler & Kaushik Ghosh & Kassandra Messer & Trivellore Raghunathan & Allison B. Rosen & Susan T. Stewart, 2020. "A Satellite Account for Health in the United States," NBER Working Papers 27848, National Bureau of Economic Research, Inc.
    19. Byrne, David M. & Corrado, Carol A., 2020. "The increasing deflationary influence of consumer digital access services," Economics Letters, Elsevier, vol. 196(C).
    20. Geoffrey Parker & Georgios Petropoulos & Marshall Van Alstyne, 2021. "Platform mergers and antitrust [Ex-post assessment of merger control decisions in digital markets]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 30(5), pages 1307-1336.

    More about this item

    Keywords

    capital; digital services; economic measurement; modern economy; national accounts; official statistics; time use; welfare;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • 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
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nsr:escoed:escoe-dp-2021-08. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ESCoE Centre Manager (email available below). General contact details of provider: https://edirc.repec.org/data/escoeuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.