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Measuring Economic Sustainability and Progress$
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Dale W. Jorgenson, J. Steven Landefeld, and Paul Schreyer

Print publication date: 2014

Print ISBN-13: 9780226121338

Published to Chicago Scholarship Online: May 2015

DOI: 10.7208/chicago/9780226121475.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 21 September 2021

Economic Measurement

Economic Measurement

Chapter:
(p.17) 1 Economic Measurement
Source:
Measuring Economic Sustainability and Progress
Author(s):

Ben S. Bernanke

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226121475.003.0002

Ben Bernanke’s opening remarks reflect on the importance of measurement in economic decision-making. The ultimate purpose of economics is to promote wellbeing, and variables in economic policy making must therefore include determinants of wellbeing, including those that go beyond aggregate statistics which can obscure individual experiences. Increasing the attention paid to microeconomic data could better capture the diversity of experience across households and firms. The measurement of life satisfaction or wellbeing as a direction for economic policy research has generated alternative measures of well-being that are frequently survey-based and incorporate elements such as psychological wellness, the level of education, physical health and safety, community vitality and the strength of family and social ties, and time spent in leisure activities.

Keywords:   Ben Bernanke, economic decision-making, measurement, wellbeing, microeconomic data, economic policy research

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