Keeping your butter safe: groundwork for a new measure of development

Kaushik Basu

New Zealand Economic Papers, 2025, vol. 59, issue 1, 18-23

Abstract: The development of a nation is traditionally measured by GDP per capita, with countries classified as low, lower-middle, upper-middle and high income economies. What is overlooked is that some of the goods consumed by people and part of the GDP, such as barbed wires and private police, are not valued in themselves but are protective measures against crime and corruption, to ensure that goods that are valued are safe. This suggests the need to redefine GDP to measure the true value of what a nation consumes and saves. This paper proposes a new measure and spells out its microeconomic foundation.

Date: 2025
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DOI: 10.1080/00779954.2024.2391343

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