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A snapshot of the summary - Challenges & Solutions - Week 4 EFB MCM
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1 Kubiszewski et al., 2013
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Nations need indictors that measure progress towards achieving what goals?Economic, social and envionrmental goals.
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What is GDP (gross domestic product) a great measure for? And what has it mistakenly been used for?To measure the economic aspect but it has been mistakenly used as a broader measure to measure welfare.
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Even though GDP was never designed to measure social or economic welfare, as what indicator is it most commonly used for today?A country's overall performance.
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What are the biggest
problems withGDP ?List the 3- Interprets every
expense aspositive and does not distinguish betweenwelfare enhancing andwelfare reducing activities. - Leaves out components that
enhance welfare but do notinvolve monetary transactions . - Does not
account for thedistribution of income amongindividuals
- Interprets every
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What is an
alternative measure to theGDP ? How many components does it hold?GPI (Genuine ProcessIndicator ), it holds 24 different components. -
What does GPI measure?
Measures ofeconomic welfare generated byeconomic activity, in conjunction with other measures (environmental costs, crime, volunteering...). -
What is GPI not an indicator of?Sustainability
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How does GPI better approximate sustainable economic welfare?By separating activities that diminish welfare from those that enhance it.
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Should the measure of economic welfare be used alone?No, in conjunction with other measures.
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1.1 Critiques of GPI
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What are the 5 critiques that have been taken up in the article for GPI?
- Uses
inappropriate valuation methods toestimate someGPI items - Assumes that
human-made capital and naturalcapital aresubstitutes - Includes some important
welfare-related items butoverlooks others, such as thebenefits ofpolitical freedom - Is
subjective in its choice of components to include Lacks a solidtheoretical basis.
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