Sustainability Indicators - the Boundaries and Alternatives of GDP

Csaba Kandracs () and Renato Ritter ()
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Csaba Kandracs: Magyar Nemzeti Bank
Renato Ritter: Magyar Nemzeti Bank

Financial and Economic Review, 2024, vol. 23, issue 2, 31-55

Abstract: To quantify economic performance, 'gross domestic product' - a measure created in the 1930s - is used worldwide. The indicator is suitable for measuring the performance of an economy and the welfare of individuals at a given point in time, but its capabilities are limited. The well-being of people, the impact of the environmental damage caused by production and the sustainability of economic performance are all issues that fall outside the scope of the metric. Since the 1970s, there has been a debate about the shortcomings of this indicator and its possible alternatives. Joining the dialogue, our goal was to present the principles of sustainability, to give an overview of the alternative indicators considered to be more relevant in Hungary and abroad, and to present the new sustainability indicator of the Hungarian central bank.

Keywords: sustainability principles; GDP; sustainability indicators (search for similar items in EconPapers)
JEL-codes: D60 O11 O44 (search for similar items in EconPapers)
Date: 2024
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