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Friday, May 20, 2022

Beyond GDP: A Framework for Measuring Economic Progress

 From: Irving Wladawsky-Berger:   A collection of observations, news and resources  ...

Beyond GDP: A Framework for Measuring Economic Progress 

“What is meant by economic progress, and how should it be measured?,” asked economists Diane Coyle and Leonard Nakamura in a recent paper  , Time Use and Household-Centric Measurement of Welfare in the Digital Economy. “The conventional answer is growth in real GDP over time or compared across countries, a monetary measure adjusted for the general rate of increase in prices. However, there is increasing interest in developing an alternative understanding of economic progress, particularly in the context of digitalization of the economy and the consequent significant changes Internet use is bringing about in production and household activity.”  .... ' 

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