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Measuring U.S. Economic Progress & Sustainability

Measuring U.S. Economic Progress & Sustainability. J. Steven Landefeld, Director Bureau of Economic Analysis. 16 th World Congress of International Economic Association “Measuring of Social Welfare: Beyond GDP” July 6th,2011. The Need for Better Economics (and Better Data?). 2.

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Measuring U.S. Economic Progress & Sustainability

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  1. Measuring U.S. Economic Progress & Sustainability J. Steven Landefeld, Director Bureau of Economic Analysis 16th World Congress of International Economic Association “Measuring of Social Welfare: Beyond GDP” July 6th,2011

  2. The Need for Better Economics (and Better Data?) 2

  3. What can we do within the GDP Accounts: Economic progress & sustainability Measures of Economic Progress: Households Regions Business Measures of Sustainability: GDP Investment Asset Prices Leverage 3

  4. How Did We “Miss” the Housing Bubble? Source: BEA NIPA data, Federal Reserve Board Flow of Funds data, Case-Shiller index -10 city composite index

  5. Feeling Rich on Unrealized Gains 5 Source: BEA NIPA data & Federal Reserve Board Flow of Funds data

  6. Why Is GDP Up, but America Down?

  7. Why Is GDP Up, but America Down?

  8. Location, Location, Location Regional Household Income: Adjusting for regional price differences Source: BEA Regional data. 8

  9. How Did We “Miss” the Stock Price Bubble? Source: BEA NIPA data, Standard and Poor’s data

  10. What Excess Leverage? Total financial assets / total liabilities [ratio] Source: BEA & Federal Reserve Board Flow of Funds data

  11. Why We Need to Look at Sustainable Investment Source: BEA NIPA data 11

  12. Other Extensions to the U.S. Accounts • Medical Care Spending Accounts • Better Measures of Effectiveness; by Disease, by Provider, and by Region • Possible Links to Health Accounts • Household Production Accounts • Possible Links to Subjective Well-Being • National Time Accounts: The Currency of Life • Government Production: • Complete and Better Integrated Multi-Factor Production and Productivity Accounts • R&D and Innovation Accounts

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