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BEYOND GDP: WHICH OPTIONS TO BETTER REPRESENT MODERN SOCIO-ECONOMIC PROGRESS?

Savatore Puglisi and Ionuț Virgil Șerban
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Savatore Puglisi: University of Teramo, Teramo, Romania
Ionuț Virgil Șerban: University of Teramo, Teramo, Romania / University of Craiova, Craiova, Romania

Sociology and Social Work Review, 2019, vol. 3, issue 1, 17-32

Abstract: In recent years, specialists begun to reconsider the representativeness of GDP as an index of overall well-being of society and to recognize its validity only in the initial phases of a country's economic development, when the growth of income and wealth are more correlated to the improvement of people's living conditions. Most economic theories states that with greater wealth and higher income there is a greater possibility of choice and consequently an improvement in the position of the individual. However, as the economic conditions of a country improve and the country moves from a developing economy to a developed one, there is an evolution in the preferences and aspirations of individuals, who now fall into areas that may not always be to be quantified at the monetary level..

Keywords: GDP; well-being; socio-economic progress; quality of life; welfare; global happiness; human development. (search for similar items in EconPapers)
JEL-codes: I31 I32 I38 (search for similar items in EconPapers)
Date: 2019
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