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Scientific paper - Original scientific paper
IS GDP AN APPROPRIATE INDICATOR OF SUSTAINABLE ECONOMIC DEVELOPMENT?
Ekonomski pregled, 64 (2013), 5; 474-493. urn:nbn:hr:213:907924
Lovrinčević, Željko; Mikulić, Davor; Galić Nagyszombaty, Andrea

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Lovrinčević, Ž., Mikulić, D. & Galić Nagyszombaty, A. (2013). IS GDP AN APPROPRIATE INDICATOR OF SUSTAINABLE ECONOMIC DEVELOPMENT?. Ekonomski pregled, 64. (5), 474-493. Retrieved from https://urn.nsk.hr/urn:nbn:hr:213:907924

Lovrinčević, Željko, et al. "IS GDP AN APPROPRIATE INDICATOR OF SUSTAINABLE ECONOMIC DEVELOPMENT?." Ekonomski pregled, vol. 64, no. 5, 2013, pp. 474-493. https://urn.nsk.hr/urn:nbn:hr:213:907924

Lovrinčević, Željko, Davor Mikulić and Andrea Galić Nagyszombaty. "IS GDP AN APPROPRIATE INDICATOR OF SUSTAINABLE ECONOMIC DEVELOPMENT?." Ekonomski pregled 64, no. 5 (2013): 474-493. https://urn.nsk.hr/urn:nbn:hr:213:907924

Lovrinčević, Ž., Mikulić, D. and Galić Nagyszombaty, A. (2013) 'IS GDP AN APPROPRIATE INDICATOR OF SUSTAINABLE ECONOMIC DEVELOPMENT?', Ekonomski pregled, 64(5), pp. 474-493. Available at: https://urn.nsk.hr/urn:nbn:hr:213:907924 (Accessed 06 December 2024)

Lovrinčević Ž, Mikulić D, Galić Nagyszombaty A. IS GDP AN APPROPRIATE INDICATOR OF SUSTAINABLE ECONOMIC DEVELOPMENT?. Ekonomski pregled [Internet]. 2013 October 20 [cited 2024 December 06];64(5):474-493. Available at: https://urn.nsk.hr/urn:nbn:hr:213:907924

Ž. Lovrinčević, D. Mikulić and A. Galić Nagyszombaty, "IS GDP AN APPROPRIATE INDICATOR OF SUSTAINABLE ECONOMIC DEVELOPMENT?", Ekonomski pregled, vol. 64, no. 5, pp. 474-493, October 2013. [Online]. Available at: https://urn.nsk.hr/urn:nbn:hr:213:907924. [Accessed: 06 December 2024]

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Metadata
Title (english)IS GDP AN APPROPRIATE INDICATOR OF SUSTAINABLE ECONOMIC DEVELOPMENT?
Title (croatian)JE LI BDP PRIKLADAN POKAZATELJ ODRŽIVOG EKONOMSKOG RAZVITKA?
AuthorŽeljko Lovrinčević
MBZ: 206622
AuthorDavor Mikulić
MBZ: 206633
AuthorAndrea Galić Nagyszombaty
Author's institutionThe Institute of Economics, Zagreb
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Abstract (english)
The System of National Accounts (SNA 1993, ESA 1995) as an internationally agreed framework for the compilation and presentation of economic data defines gross domestic product (GDP) as an overall indicator of economic growth. Accounting for the environment’s contribution to the economy and human welfare was considered extremely difficult, requiring the resolution of intractable methodological problems and the generation of a large amount of data. Besides environmental aspects, GDP also fails to fully explain differences in overall satisfaction of the citizens and perception of quality of life and well-being. One of the most ambitious efforts to reform the calculation of an indicator of economic welfare is presented in Daly and Cobb (1989). They propose a GDP substitute, the Index of Sustainable Economic Welfare (ISEW) which, apart from the conventional national accounts data includes environmental variables and income distribution indicators. In this paper we apply the ISEW methodology to the Croatian economy and construct the index of sustainable economic welfare for Croatia in the period 2000-2010. Index of Sustainable Economic Welfare constructed for Croatia has not recorded signifi cant differences in comparison to GDP trends. Until 2003, the ISEW index was below GDP and personal consumption. In period 2003-2006 ISEW recorded higher levels than GDP while in 2007 and 2008 both indices are moving in line. During the recession period, overall welfare has not decreased substantially because GDP drop is partially compensated by non-monetary activities with positive impact on household wellbeing.
Abstract (croatian)
Sustav nacionalnih računa (SNA 1993, ESA 1995) predstavlja međunarodno usuglašen okvir za izradu i prikaz ekonomskih podataka, a kao temeljni pokazatelj ekonomskog razvitka i rasta koristi se bruto domaći proizvod (BDP). BDP prema svojoj definiciji ne obuhvaća ukupne učinke ekonomskih transakcija na okoliš i ne mjeri blagostanje pojedinaca budući bi konstrukcija takvog pokazatelja zahtijevala rješavanje složenih metodoloških problema i uključivanje brojnih dodatnih varijabli u obračun. BDP također ne objašnjava ukupne razlike u zadovoljstvu građana i njihovu percepciju o kvaliteti života i blagostanju. U ekonomskoj literaturi kao jedan od najambicioznijih prijedloga za izračun indikatora koji bi bio primarno vezan uz mjerenje blagostanja najčešće se spominje rad Daly i Cobb (1989). Oni su pored BDP-a osmislili konstrukciju indeksa ekonomskog blagostanja (ISEW), koji bi osim konvencionalnih pokazatelja vezanih uz nacionalne račune obuhvaćao i određeni skup indikatora vezanih uz stanje okoliša i raspodjelu dohotka. U ovom radu je primijenjena metodologija izračuna indeksa ekonomskog blagostanja za hrvatsko gospodarstvo u razdoblju 2000.-2010. Indeks izrađen prema toj metodologiji u analiziranom razdoblju nije zabilježio značajne razlike u trendovima u usporedbi s kretanjem BDP-a. Do 2003. godine indeks ekonomskog blagostanja pokazivao je niži rast od rasta BDP-a i osobne potrošnje. U razdoblju 2003.-2006. indeks ekonomskog blagostanja pokazivao je višu razinu od BDP-a, dok se tijekom 2007.-2008. oba indikatora kreću usklađeno. U recesijskom razdoblju, za razliku od BDP-a indeks ekonomskog blagostanja nije pokazao značajno smanjivanje budući je pad monetarnih transakcija bio djelomice kompenziran kretanjem nemonetarnih aktivnosti koje pozitivno doprinose blagostanju kućanstava.
Keywords (english)
Keywords (croatian)
Languageenglish
Publication typeScientific paper - Original scientific paper
Publication statusPublished
Peer reviewPeer review
Publication versionPublished version
Journal titleEkonomski pregled
Numberingvol. 64, no. 5, pp. 474-493
p-ISSN0424-7558
e-ISSN1848-9494
URN:NBNurn:nbn:hr:213:907924
Publication2013-10-20
Document URLhttp://hrcak.srce.hr/110241
Type of resourceText
Access conditionsOpen access
Terms of useLicence In copyright icon
Created on2017-11-02 14:18:17