Is GDP a Relevant Social Welfare Indicator? A Savers-Spenders Theory Approach

Thibault, Emmanuel (2016) Is GDP a Relevant Social Welfare Indicator? A Savers-Spenders Theory Approach. TSE Working Paper, n. 16-651, Toulouse

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Official URL: http://tse-fr.eu/pub/30477

Abstract

The use of GDP as the main index of progress and welfare of a country has been the subject of a long debate amongst economists. Using and extending the saversspenders theory recently popularized by Mankiw (2000, AER), we analyze the theoretical relationships between GDP and the welfare of a society. This analysis is undertaken using several different overlapping generations models which all take into account the great heterogeneity of consumer behavior observed in the data (different labor supply choices, different degrees of altruism and/or different degrees of impatience to consume). The results indicate that GDP (per capita) is often a relevant index and is always a decent social welfare indicator.

Item Type: Monograph (Working Paper)
Language: English
Date: May 2016
Place of Publication: Toulouse
Uncontrolled Keywords: Growth models, Heterogeneity of preferences, Welfare, Product accounts and wealth
JEL codes: D64 - Altruism
D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving
J22 - Time Allocation and Labor Supply
O41 - One, Two, and Multisector Growth Models
Subjects: B- ECONOMIE ET FINANCE
Divisions: TSE-R (Toulouse)
Institution: Université Toulouse 1 Capitole
Site: UT1
Date Deposited: 31 May 2016 07:37
Last Modified: 21 Mar 2018 13:58
OAI ID: oai:tse-fr.eu:30477
URI: http://publications.ut-capitole.fr/id/eprint/21981

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