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Broader Measures of Progress

Broader Measures of Progress. J. Steven Landefeld, Director. “Response to the Rio+20 Mandate for Broader Measures of Progress” High Level Forum Event for the UN Statistical Commission Meeting February 25th, 2013. Broader Measures of Economic Progress?. Recent Impetus for Broader Measures:

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Broader Measures of Progress

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  1. Broader Measures of Progress J. Steven Landefeld, Director “Response to the Rio+20 Mandate for Broader Measures of Progress” High Level Forum Event for the UN Statistical Commission Meeting February 25th, 2013

  2. Broader Measures of Economic Progress? • Recent Impetus for Broader Measures: • Rio +20 • Housing and financial crisis • Great recession and slow recovery • Fiscal crisis • Increasing concentration of income • Stiglitz report • How Broad? • “National accounts should include elements that reflect economic welfare that can be brought directly or indirectly into relation with the measuring rod of money” –Pigou • He emphasized that can might mean anything from can easily to can with violent straining. • Progress on broader measures have waited too long (over 75 years!) • We need to set ambitious, but achievable goals

  3. Broader Measures of Economic Progress? • Long-Standing List to Choose From: • Energy and Natural Resource Accounts • Environmental Accounts • Distribution of Income, Consumption, and Wealth • Alternative Measures of Sustainability • Medical Care and Health Accounts • Education • Real Government Output • Household Production • Choices will depend on country priorities and resources, but some degree of standardization and comparability (SNA/SEEA, etc.) important

  4. Broader Measures of Economic Progress? • Challenges include: • Gaps in data • Lack of consensus on estimating methods • Fiscal crisis • Economic crisis • This stuff is really important with large economic and political implications • Big Bang or Incremental Approach? • Current environment may suggest incremental approach with extensions in key areas (w/double bang for the buck) • What are some of these areas?

  5. Growing or Shrinking Living Standards? Source: BEA, Census

  6. Growing but Slower Source: BEA, Census

  7. Alternative Measures of the Purchasing Power of Households Source: BEA

  8. How Did We “Miss” the Housing Bubble? Source: BEA, Federal Reserve Board, Standard & Poor’s

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

  10. Where’s the Debt? Total liabilities/total financial assets Source: BEA

  11. Investing For the Future of Just Keeping Up? Source: BEA

  12. Human Capital Source: BEA, Christian (2012)

  13. What is the Value of Household Work?

  14. Feeling Rich on Capital Gains Source: BEA, Federal Reserve Board

  15. Long-Term Happiness and Real GDP Source: BEA, University of Michigan, Veenhoven, R., World Database of Happiness, Distributional Findings in Nations

  16. Happiness & the Financial Crisis Unemployment rate Gallup Well-being Index Source: BEA, Gallup

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