| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30196 |
| 来源ID | Working Paper 30196 |
| Is GDP Becoming Obsolete? The \u201cBeyond GDP\u201d Debate | |
| Charles R. Hulten; Leonard I. Nakamura | |
| 发表日期 | 2022-07-18 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | GDP is a closely watched indicator of the current health of the economy and an important tool of economic policy. It has been called one of the great inventions of the 20th Century. It is not, however, a persuasive indicator of individual wellbeing or economic progress. There have been calls to refocus or replace GDP with a metric that better reflects the welfare dimension. In response, the U.S. agency responsible for the GDP accounts recently launched a “GDP and Beyond” program. This is by no means an easy undertaking, given the subjective and idiosyncratic nature of much of individual wellbeing. This paper joins the Beyond GDP effort by extending the standard utility maximization model of economic theory, using an expenditure function approach to include those non-GDP sources of wellbeing for which a monetary value can be established. We term our new measure expanded GDP (EGDP). A welfare-adjusted stock of wealth is also derived using the same general approach used to obtain EGDP. This stock is useful for issues involving the sustainability of wellbeing over time. One of the implications of this dichotomy is that conventional cost-based wealth may increase over a period of time while welfare-corrected wealth may show a decrease (due, for example, to strongly negative environmental externalities). |
| 主题 | Econometrics ; Estimation Methods ; Data Collection ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w30196 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587912 |
| 推荐引用方式 GB/T 7714 | Charles R. Hulten,Leonard I. Nakamura. Is GDP Becoming Obsolete? The \u201cBeyond GDP\u201d Debate. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w30196.pdf（325KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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