Measuring economic progress

Diane Coyle, 17 February 2014

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The debate about how best to measure economic activity dates back to well before the ‘invention’ of GDP by Richard Stone and others during the Second World War (Stone 1947). The earliest attempt was William Petty’s 1665 estimate of income and expenditure in England and Wales, followed by a variety of other approaches in the 18th and 19th centuries.

Topics: Frontiers of economic research
Tags: GDP measurement, happiness, hedonic price index

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