Beyond GDP: The quest for a measure of social welfare. Part I

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In the first part of the article, the author considers monetary indicators of social welfare. It is shown what methods of quantitative assessment of aggregate wealth and prosperity in addition to the traditional indicator of GDP have modern economic theory, the shortcomings of these methods are discussed. In addition, the author shows which welfare measures are adequate in a dynamic context: the problems of the intertemporal welfare analysis are examined using the net national product (NNP) indicator for the purposes of sustainable development policy and ensuring the fate of future generations.

Original languageEnglish (US)
Pages (from-to)67-93
Number of pages27
JournalVoprosy Ekonomiki
Issue number2
StatePublished - 2012
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics


  • Alternatives to GDP
  • Equivalent income
  • Green accounting
  • Identified preferences
  • NNP
  • Public welfare function
  • Sustainable development


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