Search results for: Economics
World Economics, June 2017
GDP data is important used to apportion funds from international organisations, to influence rating agency decisions and much more, but official data is totally inadequate for the demands made of it. The notion of GDP data is flawed conceptually, but there are also severe methodological issues that need to be addressed prior to making international comparisons and assessing data reliability. World Economics has created an interactive Data Quality Index for users of economic data which considers five readily measurable factors that influence data reliability across countries. The Data Quality Index ranks 154 countries based on an equal weighting of the five factors, but users can adjust the importance of each to their data needs.
World Economics, June 2015
In Europe the quality of national income statistics is less constrained by the capacity and resources devoted by national statistics offices to follow international best practice than is the case in many other parts of the world. In addition the members of the European Union have to meet the harmonised standards of national accounting set by Eurostat which are based on the United Nations System on National Accounts. However, despite recent modifications both these standards fail to adequately record the size of the informal economy.
World Economics, March 2015
The Americas, comprising the USA and Canada, the Spanish speaking countries of South and Central America plus Brazil and the Caribbean, is a region displaying large differences in living standards. The availability of resources has an impact on the quality and reliability of economic statistics. Chile and Mexico, both OECD members, produce economic data that can be compared favourably with the USA, Canada and many European countries. In other countries out of date base years, outdated national income accounting standards and problems in recording the size of the informal economy mean that GDP figures are likely to be underestimated. The most insidious problem in the region arises from the political manipulation of economic data in Argentina which has led to a censure of the government by the IMF.
Carol Graham, World Economics, September 2005
The economics of happiness is an approach to assessing welfare that combines economists’ techniques with those of psychologists, and relies on more expansive notions of utility than does conventional economics. Research based on this approach highlights the factors—in addition to income—that affect well-being. It is well suited to informing questions in areas where revealed preferences provide limited information, such as the welfare effects of inequality and of macroeconomic policies such as inflation and unemployment. One such question is the gap between economists’ assessments of the aggregate benefits of the globalization process and the more pessimistic assessments that are typical of the general public. The paper summarizes research on some of these questions, and in particular on those relevant to globalization, poverty, and inequality.
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