MEASURES OF ECONOMIC PERFORMANCE-ECONOMIC VERSES SOCIAL WELL-BEING

Author(s): BURGESS, ANDRE; LESCOTT, ALEXIS; (2011)

Created 25 Jul, 2011
Categories Working Papers
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Gross domestic product (GDP) has long been used as the standard measure of economic performance for many countries and is monitored closely as its movements are critical to overall assumptions about the wealth and economic activity of countries. Additionally, macroeconomic policy hinges on the levels of GDP for economic entities within an economic space. Recently, this measure of economic wealth has come under fire as it’s long known inefficiencies have been highlighted in the wake of wealthy nations (based on GDP) being faced with higher incidences of social maladies. This paper examines various measures of economic wealth including some social indicators and seeks to propose a series of measures which may be better suited for measuring the wellbeing of economic agents, sighting several Caribbean countries as examples.

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