Finance:GDP 3.0
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GDP 3.0 is an economic indicator intended to replace the Gross Domestic Product, which is the main macroeconomic indicator in the System of National Accounts (SNA).[1] Rather than simply adding together all expenditures like the gross domestic product, GDP 3.0 is balanced by such factors as income distribution and cost associated with environmental degradation.[2][3][4]
GDP 3.0 is roughly defined by the following formula:
- GDP 3.0 = (Weighted personal consumption + Circular, household and community work +
Capital formation (incl. forestry and biodiversity) + Other positive contributions − Environmental deterioration) X 1/Palma ratio
where the Palma ratio, after Chilean economist José Gabriel Palma, is defined as : Top decile's income ÷ bottom four deciles' income.[5][6]
GDP 3.0 was first proposed by professor Serge Pierre Besanger[7] in a Straits Times article dated 21 December 2019.[8][9][10]
Notes
- ↑ "System of National Accounts". https://unstats.un.org/unsd/nationalaccount/sna.asp.
- ↑ Nordhaus, W. and Tobin, J. (1972) Is growth obsolete?. Columbia University Press, New York
- ↑ Johnson, D.L., S.H. Ambrose, T.J. Bassett, M.L. Bowen, D.E. Crummey, J.S. Isaacson, D.N. Johnson, P. Lamb, M. Saul, and A.E. Winter-Nelson. 1997. Meanings of environmental terms. Journal of Environmental Quality 26: 581–589.
- ↑ Daly, H. & Cobb, J. (1989), For the Common Good. Beacon Press, Boston.
- ↑ "José Gabriel Palma re-examines the ‘Palma Ratio' at the IBEI | IBEI". https://www.ibei.org/en/jose-gabriel-palma-re-examines-the-palma-ratio-at-the-ibei_46738.
- ↑ Wuppertal Institute. "Alternatives to GDP for Measuring Progress" (PDF). Wuppertal Institute. Retrieved 6 January 2017
- ↑ "Demographic change in Asia :" (in en). 2000. https://digitallibrary.un.org/record/435162.
- ↑ "Death by GDP - how the climate crisis is driven by a growth yardstick". The Straits Times. 21 December 2019. https://www.straitstimes.com/opinion/death-by-gdp-how-the-climate-crisis-is-driven-by-a-growth-yardstick.
- ↑ Hamilton C. (1999) "The Genuine Progress Indicator: methodological developments and results form Australia", Ecological Economics, vol. 30, pp. 13–28
- ↑ Hoffrén J. (2001) "Measuring the Eco-efficiency of Welfare Generation in a National Economy. The Case of Finland." Statistics Finland. Research Reports 233. Helsinki. pp. 107–109.
Journal citations
- Eckert, Kristen A.; Carter, Marissa J.; Lansingh, Van C.; Wilson, David A.; Furtado, João M.; Frick, Kevin D.; Resnikoff, Serge (3 September 2015). "A Simple Method for Estimating the Economic Cost of Productivity Loss Due to Blindness and Moderate to Severe Visual Impairment". Ophthalmic Epidemiology 22 (5): 349–355. doi:10.3109/09286586.2015.1066394. ISSN 0928-6586. https://www.tandfonline.com/doi/abs/10.3109/09286586.2015.1066394.
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