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Measuring Economic Welfare
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Book Synopsis Measuring Economic Welfare by : George W. McKenzie
Download or read book Measuring Economic Welfare written by George W. McKenzie and published by Cambridge University Press. This book was released on 1983-03-10 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor McKenzie proposes and formulates a method composed of operational procedures designed to facilitate the evaluation of economic projects and policies. This method is discussed fully, illustrated by simple examples, and compared with alternative procedures. An outline of a computer program that enables readers to undertake their own calculations is included. In order to present the approach clearly, the author provides an exposition of the fundamental ideas and the main alternative approaches to the problem. These rely on various forms of index numbers and consumer surplus. However, as is well known, such measures are not capable of correctly ordering the various alternatives under consideration, except under highly unrealist assumptions. In this book the author suggests the abandonment of this traditional approach based on the concept of 'willingness-to-pay' or the conpensating variation. Instead, the measure that Samuelson has called the 'money-metric' should become the cornerstone of applied welfare economics.
Book Synopsis Measuring Economic Welfare: What and How? by : Mr.Marshall B Reinsdorf
Download or read book Measuring Economic Welfare: What and How? written by Mr.Marshall B Reinsdorf and published by International Monetary Fund. This book was released on 2020-05-18 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Calls for a more people-focused approach to statistics on economic performance, and concerns about inequality, environmental impacts, and effects of digitalization have put welfare at the top of the measurement agenda. This paper argues that economic welfare is a narrower concept than well-being. The new focus implies a need to prioritize filling data gaps involving the economic welfare indicators of the System of National Accounts 2008 (SNA) and improving their quality, including the quality of the consumption price indexes. Development of distributional indicators of income, consumption, and wealth should also be a priority. Definitions and assumptions can have big effects on these indicators and should be documented. Concerns have also arisen over potentially overlooked welfare growth from the emergence of the digital economy. However, the concern that free online platforms are missing from nominal GDP is incorrect. Also, many of the welfare effects of digitalization require complementary indicators, either because they are conceptually outside the boundary of GDP or impossible to quantify without making uncertain assumptions.
Download or read book Beyond GDP written by Marc Fleurbaey and published by Oxford University Press. This book was released on 2013-04-11 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: In spite of recurrent criticism and an impressive production of alternative indicators by scholars and NGOs, GDP remains the central indicator of countries' success. This book revisits the foundations of indicators of social welfare, and critically examines the four main alternatives to GDP that have been proposed: composite indicators, subjective well-being indexes, capabilities (the underlying philosophy of the Human Development Index), and equivalent incomes. Its provocative thesis is that the problem with GDP is not that it uses a monetary metric but that it focuses on a narrow set of aspects of individual lives. It is actually possible to build an alternative, more comprehensive, monetary indicator that takes income as its first benchmark and adds or subtracts corrections that represent the benefit or cost of non-market aspects of individual lives. Such a measure can respect the values and preferences of the people and give as much weight as they do to the non-market dimensions. A further provocative idea is that, in contrast, most of the currently available alternative indicators, including subjective well-being indexes, are not as respectful of people's values because, like GDP, they are too narrow and give specific weights to the various dimensions of life in a more uniform way, without taking account of the diversity of views on life in the population. The popular attraction that such alternative indicators derive from being non-monetary is therefore based on equivocation. Moreover, it is argued in this book that "greening" GDP and relative indicators is not the proper way to incorporate sustainability concerns. Sustainability involves predicting possible future paths, therefore different indicators than those assessing the current situation. While various indicators have been popular (adjusted net savings, ecological footprint), none of them involves the necessary forecasting effort that a proper evaluation of possible futures requires.
Book Synopsis Measuring Sustainable Economic Welfare by : Tim Jackson
Download or read book Measuring Sustainable Economic Welfare written by Tim Jackson and published by . This book was released on 1994 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Measuring Social Welfare by : Matthew D. Adler
Download or read book Measuring Social Welfare written by Matthew D. Adler and published by Oxford University Press, USA. This book was released on 2019 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disputes over government policies rage in a number of areas. From taxation to climate change, from public finance to risk regulation, and from health care to infrastructure planning, advocates debate how policies affect multiple dimensions of individual well-being, how these effects balance against each other, and how trade-offs between overall well-being and inequality should be resolved. How to measure and balance well-being gains and losses is a vexed issue. Matthew D. Adler advances the debate by introducing the social welfare function (SWF) framework and demonstrating how it can be used as a powerful tool for evaluating governmental policies. The framework originates in welfare economics and in philosophical scholarship regarding individual well-being, ethics, and distributive justice. It has three core components: a well-being measure, which translates each of the possible policy outcomes into an array of interpersonally comparable well-being numbers, quantifying how well off each person in the population would be in that outcome; a rule for ranking outcomes thus described; and an uncertainty module, which orders policies understood as probability distributions over outcomes. The SWF framework is a significant improvement compared to cost-benefit analysis (CBA), which quantifies policy impacts in dollars, is thereby biased towards the rich, and is insensitive to the distribution of these monetized impacts. The SWF framework, by contrast, uses an unbiased measure of well-being and allows the policymaker to consider both efficiency (total well-being) and equity (the distribution of well-being). Because the SWF framework is a fully generic methodology for policy assessment, Adler also discusses how it can be implemented to inform government policies. He illustrates it through a detailed case study of risk regulation, contrasting the implications of results of SWF and CBA. This book provides an accessible, yet rigorous overview of the SWF approach that can inform policy-makers and students.
Book Synopsis The Economics of Welfare by : Arthur Cecil Pigou
Download or read book The Economics of Welfare written by Arthur Cecil Pigou and published by Transaction Publishers. This book was released on 2000 with total page 948 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Welfare Economics of Public Policy by : Richard E. Just
Download or read book The Welfare Economics of Public Policy written by Richard E. Just and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 706 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Welfare Economics of Public Policy is a great book that should be of interest to all economists interested in applied welfare analysis. It is a good reference book for economists studying the effects of public policy. Finally, it should be a useful textbook for students studying economic policy and applied welfare economics. Jean-Paul Chavas, American Journal of Agricultural Economics . . . a very comprehensive overview of the state of the art in welfare economics. It can be used as a teaching book for advanced students as well as a reference volume for researchers. This duality of possible uses is supported by the fact that very complex issues are presented in an easily readable manner. More technical aspects are then outlined in the appendices of the relevant chapters, offering colleagues the option to study formal considerations in more detail. . . a welcome addition to and expression of the knowledge base of agricultural economics. Stefan Mann, Journal of Agricultural Economics I am absolutely delighted that the authors have revised and republished this text. I have used the previous version for years in my graduate environmental economics course; usually I had to share the one copy I have with students and I felt it was a shame that these students did not have the opportunity to purchase the book since every serious environmental economist should have this volume on their shelf. It has been a continuous reference volume for me over the years and I am sure this is true of many others in the discipline. In the field of applied welfare analysis (spanning environmental economics, international trade, agricultural policy, etc.) there is no need for further elaboration when Just, Hueth and Schmitz is referenced. Everyone knows the book that is being referred to: the bible of applied welfare economics. Catherine Kling, Iowa State University, US For the record, I am one of the people who requested that the authors revise and re-issue their textbook. It is an extremely valuable book for applied economists; as with the previous edition, I will use it extensively in two of my courses and consult it frequently in my own research endeavors. Richard Adams, Oregon State University, US The original book is very well known in our profession and is still used in many classes. It will be wonderful to have a revised edition of this classic book. Colin Carter, University of California, Davis, US This outstanding text, a follow-up to the authors award-winning 1982 text, provides a thorough treatment of economic welfare theory and develops a complete theoretical and empirical framework for applied project and policy evaluation. The authors illustrate how this theory can be used to develop policy analysis from both theory and estimation in a variety of areas including: international trade, the economics of technological change, agricultural economics, the economics of information, environmental economics, and the economics of extractive and renewable natural resources. Building on willingness-to-pay (WTP) measures as the foundation for applied welfare economics, the authors develop measures for firms and households where households are viewed as both consumers and owner/sellers of resources. Possibilities are presented for (1) approximating WTP with consumer surplus, (2) measuring WTP exactly subject to errors in existing econometric work, and (3) using duality theory to specify econometric equations consistent with theory. Later chapters cover specific areas of welfare measurement under imperfect competition, uncertainty, incomplete information, externalities, and dynamic considerations. Applications are considered explicitly for policy issues related to information, international trade, the environment, agriculture, and other natural resource issues. The Welfare Economics of Public Policy is ideal for graduate and undergraduate courses in applied welfare economics, public policy, agricultural policy, and environmental economi
Book Synopsis The Pricing of Progress by : Eli Cook
Download or read book The Pricing of Progress written by Eli Cook and published by Harvard University Press. This book was released on 2017-09-25 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: How did Americans come to quantify their society’s well-being in units of money? In our GDP-run world, prices are the measure of not only goods and commodities but our environment, communities, nation, even self-worth. Eli Cook shows how, and why, we moderns lost sight of earlier social and moral metrics that did not put a price on everyday life.
Author :National Bureau of Economic Research Publisher :Princeton University Press ISBN 13 :1400879760 Total Pages :647 pages Book Rating :4.4/5 (8 download)
Book Synopsis The Rate and Direction of Inventive Activity by : National Bureau of Economic Research
Download or read book The Rate and Direction of Inventive Activity written by National Bureau of Economic Research and published by Princeton University Press. This book was released on 2015-12-08 with total page 647 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers here range from description and analysis of how our political economy allocates its inventive effort, to studies of the decision making process in specific industrial laboratories. Originally published in 1962. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Author :United Nations Economic Commission for Europe Publisher :United Nations ISBN 13 :9210598660 Total Pages :154 pages Book Rating :4.2/5 (15 download)
Book Synopsis Guide on Measuring Human Capital by : United Nations Economic Commission for Europe
Download or read book Guide on Measuring Human Capital written by United Nations Economic Commission for Europe and published by United Nations. This book was released on 2017-01-16 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: The idea of viewing individuals’ knowledge and abilities as an asset—as human capital—can be traced back to the work of Adam Smith in the 18th century. But human capital is intangible, and hence hard to define and measure. Increasingly, however, policymakers are calling for ways to understand and quantify human capital, in order to better understand what drives economic growth and the functioning of labour markets, to assess the long-term sustainability of a country’s development path, and to measure the output and productivity performance of the educational sector. Devising a robust methodology for the monetary valuation of the stock of human capital is especially important as studies suggest that human capital is by far the most important component of the total capital stock in most advanced economies. This Guide on Measuring Human Capital discusses conceptual, methodological and implementation issues and challenges. The recommendations are a first attempt to come up with a way to estimate and record the role of human capital in a way that is aligned with the principles of the national accounts and that is comparable across economies.
Book Synopsis The Measurement of Household Welfare by : R. W. Blundell
Download or read book The Measurement of Household Welfare written by R. W. Blundell and published by Cambridge University Press. This book was released on 1994-09-15 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The measurement of household welfare is one of the most compelling yet demanding areas in economics. To place the analysis of inequality and poverty within an economic framework where individuals are making decisions about current and lifetime incomes and expenditures is a difficult task, made all the more challenging by the complexity of the decision-making process in which households are involved and the variety of constraints they face. This 1994 book examines the conceptual and practical difficulties of making inferences from observed behaviour. It addresses the problems of making comparisons across a range of very different households and discusses how data for such comparisons should be collected. The contributions, from experts from Europe, North America and Australia, have the unifying theme that there is a strong relationship between theoretical concepts from microeconomics and the appropriate use of micro data in evaluating household welfare.
Book Synopsis Welfare: Measuring social welfare by : Dale Weldeau Jorgenson
Download or read book Welfare: Measuring social welfare written by Dale Weldeau Jorgenson and published by MIT Press. This book was released on 1997 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents an approach to the evaluation of economic policies through the econometric modeling of aggregate consumer behavior. While the preferences of individual consumers are revealed by their market choices, these preferences can be recovered only by econometric methods, not through the index numbers used in the official statistics. The richer and more robust methodology presented in this volume provides a fruitful point of departure for future policy evaluations. The econometric approach replaces ordinal measures of individual welfare that cannot be compared among individuals with cardinal measures that can. These are combined into an indicator of social welfare that reflects principles of horizontal and vertical equity. This approach unifies the measurement of poverty, inequality, and cost and standard of living. It extends the scope of normative economics to a broader range of issues in the evaluation of economic and social policies.
Book Synopsis The Measurement of Economic Welfare by : Marilyn Moon
Download or read book The Measurement of Economic Welfare written by Marilyn Moon and published by New York : Academic Press. This book was released on 1977 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Choice, Welfare and Measurement by : Amartya Sen
Download or read book Choice, Welfare and Measurement written by Amartya Sen and published by Harvard University Press. This book was released on 1997 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Choice, Welfare and Measurement contains many of Amartya Sen's most important contributions to economic analysis and methods, including papers on individual and social choice, preference and rationality, and aggregation and economic measurement. A substantial introductory essay interrelates his diverse concerns, and also analyzes discussions generated by the original papers, focusing on the underlying issues."--P. [4] of cover.
Book Synopsis Measuring Happiness by : Joachim Weimann
Download or read book Measuring Happiness written by Joachim Weimann and published by MIT Press. This book was released on 2015-02-06 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can money buy happiness? Is income a reliable measure for life satisfaction? In this book, three economists explore the happiness-prosperity connection, investigating how economists measure life satisfaction and well-being. --
Book Synopsis Measuring and Valuing Health Benefits for Economic Evaluation by : John Brazier
Download or read book Measuring and Valuing Health Benefits for Economic Evaluation written by John Brazier and published by Oxford University Press. This book was released on 2017 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: With limited resources and funding, it is impossible to invest in all potentially beneficial health care interventions. Choices have to be made, and this guide allows the reader to measure and value the benefits of interventions, a key component of economic evaluation, which permits comparisons between interventions.
Book Synopsis The Design and Use of Political Economy Indicators by : K. Banaian
Download or read book The Design and Use of Political Economy Indicators written by K. Banaian and published by Springer. This book was released on 2008-11-10 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume seeks to provide a critical and technical look at international political economic indices (PEIs). It examines measurement issues, relates PEIs to economic theory, and suggests better measures than those currently used.
