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Moving from a GDP-Based to a Well-Being Based Metric of Economic Performance and Social Progress: Results from the Index of Economic Well-Being for OECD Countries, 1980-2009

Lars Spencer Osberg () and Andrew Sharpe ()

No 2011-12, CSLS Research Reports from Centre for the Study of Living Standards

Abstract: This report presents new estimates of the Index of Economic Well-being (IEWB) and its four domains (consumption flows, stocks of wealth, economic equality, and economic security) for 14 OECD countries for the 1980-2009 period. It finds that in 2009 Norway had the highest level of economic well-being and Spain the lowest. Canada ranked ninth among the fourteen countries. Over the 1980-2009 period Denmark enjoyed the most rapid increase in economic well-being, and the Netherlands the slowest. In all 14 countries rate of advance of the IEWB was less than that of GDP per capita. Economic well-being, therefore, has not advanced as rapidly as GDP per capita.

Keywords: well-being; economic measurement; IEWB; consumption; wealth; equality; economic security (search for similar items in EconPapers)
JEL-codes: E01 I31 E21 E24 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hap, nep-hme and nep-mac
Date: 2011-09
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