Abstract
Economic performance indicates the way in which a country or a firm functions, that is the efficiency with which they achieve their intended objectives. Alternative approaches to measuring both macroeconomic and microeconomic performance exist. Gross Domestic Product, among others, is one of the most important indicator to know how well an economy is performing and, given the existence of international standards for its calculation, it is also widely used across the world for international comparison. Efficiency and productivity, as well as long-term growth, are traditional indicators of firm performance. It is important to note, however, that all indicators are imperfect and, overall, it is important for economists and policy makers to look beyond the headline statistics to give a better overall picture of economic welfare.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Aigner DJ, Lovell CAK, Schmidt P (1977) Formulation and estimation of stochastic frontier production functions. J Econ 6:21–37
Bernini C, Freo M, Gardini A (2004) Quantile estimation of frontier production function. Empir Econ 29(2):373–381
Charnes A, Cooper WW, Lewin AY (1994) Data envelopment analysis. Kluwer, Boston/Dordrecht/London
Coelli TJ, Rao DSP, O’Donnell CJ, Battese GE (2004) An introduction to efficiency and productivity analysis. Springer, New York
OECD (2001) Measuring productivity, OECD manual. OECD Publishing, Paris
Oswald AJ (1997) Happiness and economic performance. Econ J 107(445):1815–1831
Seiford LM (1996) Data envelopment analysis: the evolution of state of the art (1978–1995). J Prod Anal 7:99
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2019 Springer Science+Business Media, LLC, part of Springer Nature
About this entry
Cite this entry
Succurro, M. (2019). Economic Performance. In: Marciano, A., Ramello, G.B. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7753-2_208
Download citation
DOI: https://doi.org/10.1007/978-1-4614-7753-2_208
Published:
Publisher Name: Springer, New York, NY
Print ISBN: 978-1-4614-7752-5
Online ISBN: 978-1-4614-7753-2
eBook Packages: Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences