Key elements of the transition deal have been agreed.
Read more2018 Edition available now.
Read moreDuring the late 1960s, many economists began to question the over-reliance of governments and agencies on narrow, exclusively GDP-based, measures of economic welfare. It was at this time that the adverse environmental effects of uncontrolled economic growth began to be considered, prompting the search for a wider measure of welfare, not exclusively based on raw GDP figures.
In 1972, Yale economists
William Nordhaus and
James
Tobin introduced their Measure of
Economic Welfare (MEW)* as an alternative to crude GDP. MEW took
national output as a starting point, but adjusted it to include an
assessment of the value of leisure time and the amount of unpaid work in
an economy, hence increasing the welfare value of GDP. They also
included the value of the environment damage caused by industrial
production and consumption, which reduced the welfare value of GDP. MEW
can be seen as the forerunner of later attempts to create a
sophisticated index of sustainable development.
The Index of Sustainable Economic Welfare (ISEW), develops MEW by adjusting GDP further by taking into account a wider range of harmful effects of economic growth, and by excluding the value of public expenditure on defence.
China retaliates in dispute over intellectual property.
Read moreCosts and benefits of customs unions.
Read moreUK grows by 0.3% in 1st quarter of 2017.
Read moreMultiple choice papers for Paper Three.
Read moreWhat trading options are available to the UK?
Report on the growth of alternative finance.
Read moreSavings ratio falls to lowest level on record.
Read moreDouble Irish - and a Dutch Sandwich more..
The OECD presents its final package for reform of international tax rules..more
OECD - reducing income inequality will boost growth..more