Economic Growth in East Asia and Western Europe Since 195 0: Implications for Living Standards

Nicholas Crafts

National Institute Economic Review, 1997, vol. 162, 75-84

Abstract: Evaluations of economic performance conventionally rely on levels and rates of growth of real GDP per person. This can be misleading especially when comparing East Asia with Western Europe. Here it is especially important to allow for differences in hours worked, and when this is done, Asian countries' productivity outcomes look much less impressive than is usually thought. More generally, it is argued that real GDP/person is not a good guide to well-being in high income countries where broader measures of economic welfare are required and index number problems preclude reliable league tables.

Date: 1997
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