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Measuring Welfare beyond Economics - The genuine progress of Hong Kong and Singapore (Paperback)
Loot Price: R1,532
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Measuring Welfare beyond Economics - The genuine progress of Hong Kong and Singapore (Paperback)
Series: Routledge Studies in Sustainable Development
Expected to ship within 12 - 17 working days
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Dissatisfaction with the Gross Domestic Product (GDP) as an
indicator of a country's development or a population's wellbeing
led to the development of the Genuine Progress Indicator (GPI). The
GPI is an aggregate index of over 20 economic, social and
environmental indicators, and accounts for both the welfare
benefits of economic growth, and the social and environmental costs
which accompany that economic growth. The result is better
information about the level of welfare or well-being of a country's
population. This book measures the GPI of Hong Kong and Singapore
from 1968 to 2010. It finds that for both countries, economic
output (as measured by the GDP) has grown more than welfare (as
measured by the GPI), but important differences are also found. In
Hong Kong, the GPI has grown for the whole period under
consideration, while in Singapore the GPI has stalled from 1993.
This is in line with most countries and is explained by the
"threshold hypothesis" which states that beyond a certain level of
economic development the benefits of further economic growth are
outweighed by even higher environmental and social costs. The book
argues that the growth of Hong Kong's GPI is due to its favourable
relationship with China and in particular its ability to export
low-wage jobs and polluting industries, rather than successful
domestic policies. A stalling or shrinking GPI calls for
alternative policies than the growth economy promoted by
neoclassical economists, and the book explores an alternative
model, that of the Steady State Economy (SSE).
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