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Measuring Sustainable Economic Wellbeing

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Title: Measuring Sustainable Economic Wellbeing


1
Measuring Sustainable Economic Wellbeing
  • Craig Bickerton
  • Principal Economist
  • SCPNet Annual Conference 4th March 2008

2
Why measure economic wellbeing?
  • gross national product measures neither our wit
    nor our courage, neither our wisdom nor our
    learning, neither our compassion nor our devotion
    to country. It measures everything, in short,
    except that which makes life worthwhile...
  • Robert F Kennedy, 18th March 1968

3
Strong GDP growth
4
Much better off
5
And still no happier?
6
RES Performance Management Framework
7
Constructing the R-ISEW
  • Regional ISEW is a monetarised indicator of
    economic well-being and quality of life
    essentially a macro-level cost-benefit analysis.
  • Starts with the economic benefits derived from
    consumer expenditure.
  • Adjustments for social benefits are added that
    are not accounted for in personal consumption
    figures e.g. domestic and voluntary labour.
  • Social costs are deducted such as expenditures
    that defend our quality of life rather than
    enhance it e.g. some health expenditure.
  • Estimates of environmental costs are then
    deducted e.g. pollution and resource depletion.
  • These costs benefits are based on calculating
    financial estimates of 24 different domains and
    draw on at least 50 different official data
    sources.

8
Components of the R-ISEW
9
R-ISEW for East Midlands
10
R-ISEW for East Midlands
11
R-ISEW for East Midlands
12
R-ISEW for East Midlands
13
R-ISEW for East Midlands
14
R-ISEW for East Midlands
15
R-ISEW for East Midlands
16
R-ISEW for East Midlands
17
Regional Index of Sustainable Economic Wellbeing
and GVA (/capita)
18
R-ISEW English Regions
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