2023-09-28 14:46:10 +00:00
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abstract: 'Gross Domestic Product (GDP) is often treated as shorthand for national
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economic well-being, even though it was never intended to be; it is a
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measure of (some) of the marketable output of the economy. This paper
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reviews several developments in measuring welfare beyond GDP that were
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recently presented at the Economic Statistics Centre of Excellence
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(ESCoE) annual conference in May 2019. The papers discussed fall into
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three broad areas. First, a significant amount of work has focused on
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incorporating information about the distribution of income, consumption
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and wealth in the national accounts. Second, the effects of digitisation
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and the growth of the internet highlight the potential value in
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measuring time use as a measure of welfare. Third, the digital
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revolution has spawned many new, often `free'' goods, the welfare
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consequences of which are difficult to measure. Other areas, such as
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government services, are also difficult to measure. Measuring economic
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welfare properly matters because it affects the decisions made by
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government and society. GDP does a reasonable job of measuring the
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marketable output of the economy (which remains important for some
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policies), but it should be downgraded; more attention should be given
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to measures that reflect both objective and subjective measures of
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well-being, and measures that better reflect the heterogeneity of
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peoples'' experiences.'
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affiliation: 'Aitken, A (Corresponding Author), Natl Inst Econ \& Social Res, London,
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England.
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Aitken, A (Corresponding Author), Econ Stat Ctr Excellence ESCoE, London, England.
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Aitken, Andrew, Natl Inst Econ \& Social Res, London, England.
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Aitken, Andrew, Econ Stat Ctr Excellence ESCoE, London, England.'
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author: Aitken, Andrew
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author-email: a.aitken@niesr.ac.uk
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author_list:
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- family: Aitken
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given: Andrew
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da: '2023-09-28'
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doi: 10.1177/002795011924900110
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eissn: 1741-3036
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files: []
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issn: 0027-9501
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journal: NATIONAL INSTITUTE ECONOMIC REVIEW
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keywords: 'GDP; welfare; inequality; time use; digital economy; economic
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measurement'
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keywords-plus: INCOME; INEQUALITY; GROWTH
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language: English
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month: AUG
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number: '1'
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number-of-cited-references: '66'
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pages: R3-R16
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papis_id: 37362f14bd04617855233f005b8b7365
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ref: Aitken2019measuringwelfare
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times-cited: '13'
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title: Measuring Welfare Beyond GDP
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000476948500004
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usage-count-last-180-days: '3'
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usage-count-since-2013: '31'
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volume: '249'
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web-of-science-categories: Economics
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year: '2019'
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