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Income-based Measures of Average Well-being

  • Steve Dowrick
Chapter
Part of the Studies in Development Economics and Policy book series (SDEP)

Abstract

International comparisons of living standards or development are most commonly made in terms of gross domestic product per person — whether in newspaper articles examining the latest country rankings or in economics journals analyzing the relative performance of countries. Such comparisons are open to criticism on the grounds that GDP is more properly regarded as a partial measure of aggregate output than as an indicator of either current or future well-being. International GDP comparisons make no allowance for environmental differences, for resource depletion, for leisure, for household production of goods and services, for black market activities or for external costs and benefits associated with production and consumption.

Keywords

Purchasing Power Parity United Nations Development Programme Price Vector Penn World Table Consumption Bundle 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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© United Nations University 2007

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  • Steve Dowrick

There are no affiliations available

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