Using happiness scales to inform policy: Strong words of caution

Timothy N. Bond, Kevin Lang 04 July 2014

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Economists have long known that GDP is an imperfect measure of well-being. In addition to missing nonmarket transactions, it ignores environmental degradation, the quality of social interactions, and many other outcomes of economic interest. But at least since Easterlin (1974) some economists have gone further, and challenged the view that per capita GDP and well-being are positively related.

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Topics:  Frontiers of economic research

Tags:  happiness, wellbeing, GDP measurement

Why GDP just doesn’t add up

Diane Coyle interviewed by Viv Davies,

Date Published

Mon, 06/09/2014

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Topics

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

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Measuring economic progress A new measure of US GDP
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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. By the 1930s, partly in response to the demand from policymakers for a better handle on what was happening in the economy, the current approach to national income was taking shape (Coyle 2014).

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Topics:  Frontiers of economic research

Tags:  happiness, GDP measurement, hedonic price index

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