BU
ECON 162 -
Lecture notes
Unformatted text preview:
View Full Document
ECON 162 10 23 15 Is GDP a good measure of the quality of life 1 Defensive Expenditures a Healthcare Costs b Environmental Costs c Public Safety 2 Value of Leisure is Ignored 3 Population Differences a Per Capita GDP GDP Population 4 Distribution of Income 5 Cultural Differences 6 Marital Status 7 Policies and Exchange Rates 8 Wars and Natural Disasters Alternative Measures of Economic Welfare 1 Measure of Economic Welfare MEW a Nordhaus and Tobin 1972 2 Index of Sustainable Economic Welfare ISEW a Daly and Cobb 1989 b Genuine Progress Indicator GPI 3 Global Ecological Footprint Measuring Poverty and Inequality Poverty Line A level of income below which a family is defined as living in poverty
View Full Document
Unlocking...