UK Real National Income, 1950-1998: Some Grounds for Optimism

Nicholas Crafts

National Institute Economic Review, 2002, vol. 181, issue 1, 87-95

Abstract: It has been claimed using the concept of the Index of Sustainable Economic Welfare (ISEW) that there has been an absolute decline in sustainable living standards in the UK since the mid-1970s. Revisions to ISEW are proposed to make it more nearly a measure of utility-based real national income. In particular, ISEW should be revised to take account of much-improved life expectancy. Implementing any of the suggested revisions reverses the finding of absolute decline while implementing all of them results in a growth rate higher than that of real GDP per head in the national accounts.

Date: 2002
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