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.
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© 2016 Springer Science+Business Media New York
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Succurro, M. (2016). Economic Performance. In: Marciano, A., Ramello, G. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7883-6_208-1
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DOI: https://doi.org/10.1007/978-1-4614-7883-6_208-1
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Publisher Name: Springer, New York, NY
Online ISBN: 978-1-4614-7883-6
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Chapter history
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Latest
Economic Performance- Published:
- 30 July 2021
DOI: https://doi.org/10.1007/978-1-4614-7883-6_208-2
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Original
Economic Performance- Published:
- 13 April 2016
DOI: https://doi.org/10.1007/978-1-4614-7883-6_208-1