Selected alternative methods of measuring economic development
Author:
Open Access
- 31 December 2008
- journal article
- Published by Instytut Badan Gospodarczych / Institute of Economic Research in Equilibrium. Quarterly Journal of Economics and Economic Policy
- Vol. 1 (1-2) , 145-160
Abstract
The traditional economic growth measures based on SNA are not precisely as welfare indicators. The economists have tried to construct indicator that include both quality and quantity aspects of economic development. Achieving a balance between three board objectives of sustainable development – maintenance of economic growth, social progress, and protection of environment - the new challenge for statisticians is to develop a package of indicators that can monitor and report progress towards the concept of sustainable development. The aim of this article is to present some different and less popular approaches to alternative measurement of welfare are discussed. The paper does not decide which indicator describes the level of sustainable development most precisely, but tries to present advantages and defects of each method. Concluding, the sustainable indicators are more precise than traditional ones in estimating welfare. The main difficult in calculating these measures is the requirement of data which can not be gathering easily.Keywords
This publication has 1 reference indexed in Scilit:
- Economic Growth and Declining Social Welfare.The Economic Journal, 1983