SHERP

Productivity Measures and Sustainable Prosperity

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Authors
Diewert, W. Erwin; Nakamura, Alice O.
Issue Date
2007
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 20 (No. 1 2007): 93-128
Keywords
Total factor productivity; Multifactor productivity; Labour productivity; Living standards; Gross versus net output; Depreciation models
Abstract
The government of Korea is striving to achieve more rapid,
and sustainable, increases in economic output. We begin by
reviewing measures national governments can use to monitor
progress toward achieving sustainable prosperity. The various
indexes each involve a comparison of some measure of total
output volume with a measure of the total volume for specified
input factors.
The total output measure most used by national statistical
agencies is gross domestic product (GDP). We recommend other
output measures that would better capture exchange rate
effects, efficiency gains in intermediate product use, and the
depreciation of durable assets. The recommendations concerning
the treatment of durables are of special relevance for monitoring
progress toward sustainable prosperity. We also report on
progress toward accounting for the use of natural resource
assets and human environmental impacts. We conclude with
some thoughts on the meaning of sustainable prosperity and
options for achieving this.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/1376
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.20(1) (Spring 2007)
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