GDP Concept and the GPI

Mitsuhiko Iyoda

Romanian Distribution Committee Magazine, 2011, vol. 2, issue 4, 04-10

Abstract: GDP is a widely used category, which measures economic growth, and the government for public policy decisions uses that, and so on. A well-known fact is, however, that GDP is not a measure of economic welfare. This paper explores weaknesses of the GDP concept: market failures in the measurement of GDP, and (2) the conceptual distortions or limitations viewed from the viewpoint of welfare. Then we deals with one of the recent developments of welfare concern, the Genuine Progress Indicator (GPI), and the question.

Keywords: welfare viewpoint; GDP; GNP; GPI (search for similar items in EconPapers)
JEL-codes: E01 I31 P46 (search for similar items in EconPapers)
Date: 2011
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