Selected alternative methods of measuring economic development

  • Ewa Cieślik Nicolaus Copernicus University in Torun

Abstract

The traditional economic growth measures based on SNA are not precisely as welfare indicators. The economists have tried to construct indicator that include both quality and quantity aspects of economic development. Achieving a balance between three board objectives of sustainable development – maintenance of economic growth, social progress, and protection of environment - the new challenge for statisticians is to develop a package of indicators that can monitor and report progress towards the concept of sustainable development. The aim of this article is to present some different and less popular approaches to alternative measurement of welfare are discussed. The paper does not decide which indicator describes the level of sustainable development most precisely, but tries to present advantages and defects of each method. Concluding, the sustainable indicators are more precise than traditional ones in estimating welfare. The main difficult in calculating these measures is the requirement of data which can not be gathering easily.

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Published
2008-12-31
How to Cite
Cieślik, E. (2008). Selected alternative methods of measuring economic development. Equilibrium. Quarterly Journal of Economics and Economic Policy, 1(1-2), 145-160. https://doi.org/10.12775/EQUIL.2008.010
Section
Varia