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Author: George W. McKenzie
Publisher: Cambridge University Press
ISBN: 0521248620
Category : Business & Economics
Languages : en
Pages : 201
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Book Description
Professor McKenzie proposes and formulates a method composed of operational procedures designed to facilitate the evaluation of economic projects and policies. This method is discussed fully, illustrated by simple examples, and compared with alternative procedures. An outline of a computer program that enables readers to undertake their own calculations is included. In order to present the approach clearly, the author provides an exposition of the fundamental ideas and the main alternative approaches to the problem. These rely on various forms of index numbers and consumer surplus. However, as is well known, such measures are not capable of correctly ordering the various alternatives under consideration, except under highly unrealist assumptions. In this book the author suggests the abandonment of this traditional approach based on the concept of 'willingness-to-pay' or the conpensating variation. Instead, the measure that Samuelson has called the 'money-metric' should become the cornerstone of applied welfare economics.
Author: George W. McKenzie
Publisher: Cambridge University Press
ISBN: 0521248620
Category : Business & Economics
Languages : en
Pages : 201
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Book Description
Professor McKenzie proposes and formulates a method composed of operational procedures designed to facilitate the evaluation of economic projects and policies. This method is discussed fully, illustrated by simple examples, and compared with alternative procedures. An outline of a computer program that enables readers to undertake their own calculations is included. In order to present the approach clearly, the author provides an exposition of the fundamental ideas and the main alternative approaches to the problem. These rely on various forms of index numbers and consumer surplus. However, as is well known, such measures are not capable of correctly ordering the various alternatives under consideration, except under highly unrealist assumptions. In this book the author suggests the abandonment of this traditional approach based on the concept of 'willingness-to-pay' or the conpensating variation. Instead, the measure that Samuelson has called the 'money-metric' should become the cornerstone of applied welfare economics.
Author: Mr.Marshall B Reinsdorf
Publisher: International Monetary Fund
ISBN: 1513544586
Category : Business & Economics
Languages : en
Pages : 49
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Book Description
Calls for a more people-focused approach to statistics on economic performance, and concerns about inequality, environmental impacts, and effects of digitalization have put welfare at the top of the measurement agenda. This paper argues that economic welfare is a narrower concept than well-being. The new focus implies a need to prioritize filling data gaps involving the economic welfare indicators of the System of National Accounts 2008 (SNA) and improving their quality, including the quality of the consumption price indexes. Development of distributional indicators of income, consumption, and wealth should also be a priority. Definitions and assumptions can have big effects on these indicators and should be documented. Concerns have also arisen over potentially overlooked welfare growth from the emergence of the digital economy. However, the concern that free online platforms are missing from nominal GDP is incorrect. Also, many of the welfare effects of digitalization require complementary indicators, either because they are conceptually outside the boundary of GDP or impossible to quantify without making uncertain assumptions.
Author: Marc Fleurbaey
Publisher: Oxford University Press
ISBN: 0199346917
Category : Business & Economics
Languages : en
Pages : 395
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Book Description
In spite of recurrent criticism and an impressive production of alternative indicators by scholars and NGOs, GDP remains the central indicator of countries' success. This book revisits the foundations of indicators of social welfare, and critically examines the four main alternatives to GDP that have been proposed: composite indicators, subjective well-being indexes, capabilities (the underlying philosophy of the Human Development Index), and equivalent incomes. Its provocative thesis is that the problem with GDP is not that it uses a monetary metric but that it focuses on a narrow set of aspects of individual lives. It is actually possible to build an alternative, more comprehensive, monetary indicator that takes income as its first benchmark and adds or subtracts corrections that represent the benefit or cost of non-market aspects of individual lives. Such a measure can respect the values and preferences of the people and give as much weight as they do to the non-market dimensions. A further provocative idea is that, in contrast, most of the currently available alternative indicators, including subjective well-being indexes, are not as respectful of people's values because, like GDP, they are too narrow and give specific weights to the various dimensions of life in a more uniform way, without taking account of the diversity of views on life in the population. The popular attraction that such alternative indicators derive from being non-monetary is therefore based on equivocation. Moreover, it is argued in this book that "greening" GDP and relative indicators is not the proper way to incorporate sustainability concerns. Sustainability involves predicting possible future paths, therefore different indicators than those assessing the current situation. While various indicators have been popular (adjusted net savings, ecological footprint), none of them involves the necessary forecasting effort that a proper evaluation of possible futures requires.
Author: Tim Jackson
Publisher:
ISBN:
Category : Cost and standard of living
Languages : en
Pages : 68
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Book Description
Author: Collectif
Publisher: OECD
ISBN: 9264309160
Category : Business & Economics
Languages : en
Pages : 195
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Book Description
Metrics matter for policy and policy matters for well-being. In this report, the co-chairs of the OECD-hosted High Level Expert Group on the Measurement of Economic Performance and Social Progress, Joseph E. Stiglitz, Jean-Paul Fitoussi and Martine Durand, show how over-reliance on GDP as the yardstick of economic performance misled policy makers who did not see the 2008 crisis coming. When the crisis did hit, concentrating on the wrong indicators meant that governments made inadequate policy choices, with severe and long-lasting consequences for many people. While GDP is the most well-known, and most powerful economic indicator, it can’t tell us everything we need to know about the health of countries and societies. In fact, it can’t even tell us everything we need to know about economic performance. We need to develop dashboards of indicators that reveal who is benefitting from growth, whether that growth is environmentally sustainable, how people feel about their lives, what factors contribute to an individual’s or a country’s success. This book looks at progress made over the past 10 years in collecting well-being data, and in using them to inform policies. An accompanying volume, For Good Measure: Advancing Research on Well-being Metrics Beyond GDP, presents the latest findings from leading economists and statisticians on selected issues within the broader agenda on defining and measuring well-being.
Author: Matthew D. Adler
Publisher:
ISBN: 0190643021
Category : Business & Economics
Languages : en
Pages : 337
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Book Description
Disputes over government policies rage in a number of areas. From taxation to climate change, from public finance to risk regulation, and from health care to infrastructure planning, advocates debate how policies affect multiple dimensions of individual well-being, how these effects balance against each other, and how trade-offs between overall well-being and inequality should be resolved. How to measure and balance well-being gains and losses is a vexed issue. Matthew D. Adler advances the debate by introducing the social welfare function (SWF) framework and demonstrating how it can be used as a powerful tool for evaluating governmental policies. The framework originates in welfare economics and in philosophical scholarship regarding individual well-being, ethics, and distributive justice. It has three core components: a well-being measure, which translates each of the possible policy outcomes into an array of interpersonally comparable well-being numbers, quantifying how well off each person in the population would be in that outcome; a rule for ranking outcomes thus described; and an uncertainty module, which orders policies understood as probability distributions over outcomes. The SWF framework is a significant improvement compared to cost-benefit analysis (CBA), which quantifies policy impacts in dollars, is thereby biased towards the rich, and is insensitive to the distribution of these monetized impacts. The SWF framework, by contrast, uses an unbiased measure of well-being and allows the policymaker to consider both efficiency (total well-being) and equity (the distribution of well-being). Because the SWF framework is a fully generic methodology for policy assessment, Adler also discusses how it can be implemented to inform government policies. He illustrates it through a detailed case study of risk regulation, contrasting the implications of results of SWF and CBA. This book provides an accessible, yet rigorous overview of the SWF approach that can inform policy-makers and students.
Author: Barbara Fraumeni
Publisher: Academic Press
ISBN: 0128175974
Category : Business & Economics
Languages : en
Pages : 556
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Book Description
Measuring Economic Growth and Productivity: Foundations, KLEMS Production Models, and Extensions presents new insights into the causes, mechanisms and results of growth in national and regional accounts. It demonstrates the versatility and usefulness of the KLEMS databases, which generate internationally comparable industry-level data on outputs, inputs and productivity. By rethinking economic development beyond existing measurements, the book's contributors align the measurement of growth and productivity to contemporary global challenges, addressing the need for measurements as well as the Gross Domestic Product. All contributors in this foundational volume are recognized experts in their fields, all inspired by the path-breaking research of Dale W. Jorgenson. - Demonstrates how an approach based on sources of economic growth (KLEMS – capital, labor, energy, materials and services) can be used to analyze economic growth and productivity - Includes examples covering the G7, E7, EU, Latin America, Norway, China, Taiwan, Japan, Korea, India and other South Asian countries - Examines the effects of digital, information, communication and integrated technologies on national and regional economies
Author: Amartya Sen
Publisher: Harvard University Press
ISBN: 9780674127784
Category : Business & Economics
Languages : en
Pages : 480
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Book Description
"Choice, Welfare and Measurement contains many of Amartya Sen's most important contributions to economic analysis and methods, including papers on individual and social choice, preference and rationality, and aggregation and economic measurement. A substantial introductory essay interrelates his diverse concerns, and also analyzes discussions generated by the original papers, focusing on the underlying issues."--P. [4] of cover.
Author: Joseph E. Stiglitz
Publisher: The New Press
ISBN: 1620975726
Category : Political Science
Languages : en
Pages : 450
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Book Description
Today's leading economists weigh in with a new "dashboard" of metrics for measuring our economic and social health "What we measure affects what we do. If we focus only on material well-being—on, say, the production of goods, rather than on health, education, and the environment—we become distorted in the same way that these measures are distorted." —Joseph E. Stiglitz A consensus has emerged among key experts that our conventional economic measures are out of sync with how most people live their lives. GDP, they argue, is a poor and outmoded measure of our well-being. The global movement to move beyond GDP has attracted some of the world's leading economists, statisticians, and social thinkers who have worked collectively to articulate new approaches to measuring economic well-being and social progress. In the decade since the 2008 economic crisis, these experts have come together to determine what indicators can actually tell us about people's lives. In the first book of its kind, leading economists from around the world, including Thomas Piketty, Emmanuel Saez, Elizabeth Beasely, Jacob Hacker, François Bourguignon, Nora Lustig, Alan B. Krueger, and Joseph E. Stiglitz, describe a range of fascinating metrics—from economic insecurity and environmental sustainability to inequality of opportunity and levels of trust and resilience—that can be used to supplement the simplistic measure of gross domestic product, providing a far more nuanced and accurate account of societal health and well-being. This groundbreaking volume is sure to provide a major source of ideas and inspiration for one of the most important intellectual movements of our time.
Author: National Bureau of Economic Research
Publisher: Princeton University Press
ISBN: 1400879760
Category : Political Science
Languages : en
Pages : 647
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Book Description
The papers here range from description and analysis of how our political economy allocates its inventive effort, to studies of the decision making process in specific industrial laboratories. Originally published in 1962. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
