Economic Welfare Measurements and Human Well-Being

Avner Offer ()

No _034, Oxford University Economic and Social History Series from Economics Group, Nuffield College, University of Oxford

Abstract: GDP per head is not only an economic indicator, but is widely used as a welfare indicator. This use not well founded in economic theory. The paper compares income per head with a three groups of alternative indicators: 'extended national accounts', social indicators, and indicators of subjective well-being. All of these methods indicate a decline in the welfare productivity of GDP goods over time.

Date: 2000-01-01
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