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The relationship between economic development and social welfare: A new adjusted GDP measure of welfare

journal contribution
posted on 2002-02-01, 00:00 authored by S Islam, Matthew ClarkeMatthew Clarke
Existing literature focuses on the issue of preparation of social welfare measurements on the basis of an unadjusted Gross Domestic Product (GDP). This paper extends this method to incorporate cost-benefit analysis of economic growth in a growing economy in calculating the adjusted GDP, termed as the cost-benefit (CB)-adjusted GDP. This approach is empirically applied to Thailand. There are stark differences between GDP per capita and CB adjusted GDP per capita rates for this period.This paper concludes that GDP can be used as an indicator of social welfare if the GDP estimates are undertaken within a cost-benefit analysis framework.

History

Journal

Social indicators research

Volume

57

Issue

2

Pagination

201 - 228

Publisher

Springer

Location

Dordrecht, Netherlands

ISSN

0303-8300

eISSN

1573-0921

Language

eng

Publication classification

C1.1 Refereed article in a scholarly journal

Copyright notice

2002, Kluwer Academic Publishers