Papers on "Alternative Economic Welfare Indicators" and similar term paper topics
Paper #107937 ::
Alternative Economic Welfare Indicators
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Looks at the Index of Sustainable Economic Welfare (ISEW) and the Genuine Progress Indictor (GPI) as alternative indicators of economic welfare.
Written in 2008; 890 words; 4 sources; MLA;
$ 31.95
Paper Summary:
This paper points out that the Gross Domestic Product (GDP) does not capture the realistic status of economic welfare because it is mainly based on monetary-related factors. The author relates that the alternative economic welfare indicators, the Index of Sustainable Economic Welfare (ISEW) and the Genuine Progress Indictor (GPI), are interested in the actual utility of the production for improving the quality of life. Thus, these alternative indicators attempt to include non-market goods and services, which yield utility to consumers, and exclude production in dollar terms, which yield no utility or even create negative utility.
From the Paper:
"By examining the five basic categories that are included in both indicators, we can see that GDP is more monetary-related based, while the alternative indicators are based on social welfare-related factors. While GDP is based on production, ISEW and GPI are more consumption based because they are thought to be more closely linked to human welfare. Thus, consumption is adjusted up or down to reflect relative changes in income equality or inequality over time."
Tags:
sustainability utility categories non-monetary-related assumptions
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