Decentring GDP: Well-being, care and time

Iliana Vaca-Trigo and Camila Baron

Documentos de Proyectos from Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL)

Abstract: In recent years, a number of proposals have highlighted how restrictive it is to use gross domestic product (GDP) as a measure of well-being. This document takes up those criticisms and also showcases the limitations of GDP as a measure of output. What GDP measures and what it excludes is a product of conventions that reflect androcentric biases. The failure to appraise natural resources and non-remunerated services produced by households results in a skewed perspective on the economy that focuses on markets and neglects other processes that are essential to human life. The Latin American and Caribbean region has a long history of political and technical agreements that emphasize the importance for societies of issues such as care, time distribution and well-being. The document proposes measuring what societies value and for decision-making to take on board measurements that complement GDP, time-use indicators in particular.

Date: 2022-09-21
New Economics Papers: this item is included in nep-hap and nep-hme
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Persistent link: https://EconPapers.repec.org/RePEc:ecr:col022:48157

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