Beyond GDP and Back: What is the Value-Added by Additional Components of Welfare Measurement?
31 Pages Posted: 9 Feb 2011
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Beyond GDP and Back: What is the Value-Added by Additional Components of Welfare Measurement?
Beyond GDP and Back: What is the Value-Added by Additional Components of Welfare Measurement?
Beyond GDP and Back: What is the Value-Added by Additional Components of Welfare Measurement?
Beyond GDP and Back: What is the Value-Added by Additional Components of Welfare Measurement?
Date Written: February 2011
Abstract
Building on the Stiglitz report, a growing literature suggests to explore other aspects of human welfare apart from material well-being, such as job security, crime, health, environmental factors and subjective perceptions. To explore the additional information of these indicators, we analyze data on the macro level from the German Federal Statistical Office combined with micro level data from the German SOEP (1991-2008). Much of the variation in many well-being measures can indeed be captured well by GDP and the unemployment rate. These correlations are far from perfect, thus giving considerable hope that there is room for a broader statistical reporting.
Keywords: beyond GDP, happiness, Sen, Stiglitz, sustainability, welfare measurement
JEL Classification: D60, E01, I30
Suggested Citation: Suggested Citation
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