Transcript OECD Working Party On National Accounts Paris, 14 – 16 October

OECD Working Party
On National Accounts
Paris, 14 – 16 October 2008
Commission on the Measurement
Of Economic Performance
And Social Progress (CMEPSP)
An Update
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The “Stiglitz Commission”
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Commissioned by President Sarkozy
Chair: Joseph E. Stiglitz
Chair Adviser: Amartya Sen
Coordinator: Jean-Paul Fitoussi
+ 24 high level experts
Secretariat: 8 rapporteurs from Insee, OECD,
the French Economic Observatory
(Observatoire Français des Conjonctures
Économiques - OFCE)
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General aspects of work
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Not confined to France, nor to developed
countries
Transparency, contact with civil society
Cooperation with OECD, Eurostat, UN
Statistics Division, and national statistical
offices
Concrete “exercises” to ascertain feasibility,
and to provide an estimate of the empirical
significance (France, USA, others?)
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Main issues
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What are the limits of GDP as an
indicator of economic performance and
social progress?
What additional information is needed?
What is the most appropriate
presentation of this information?
Is it feasible now? Tomorrow? Later?
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Three main directions of study
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Classical GDP issues: Making best use of the
current conceptual framework plus
investigating possible extensions
Sustainable development and environment
Quality of life: Measurement of social
progress taking into account broader
perspectives on wellbeing
 Three permanent working groups
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Classical GDP issues (1)
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From GDP to adjusted net real
disposable income per consumption unit
Median versus mean income per
consumption unit
Volume and prices for health, education
and other non-market services
Unpaid homework
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Classical GDP issues (2)
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Capital gains/losses and income
Assessment of security, public versus
private insurance schemes
“Defensive expenditures”
What about leisure?
More about inequalities ?
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Sustainable development and
environment (1)
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Two aspects:
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Impact of environment on current wellbeing
Sustainability of our management of nature
and exhaustible resources: impact on
future well-being
Inter-related but treated separately
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Sustainable development and
environment (2)
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How does environment (e.g. air and
water quality) contribute to current
wellbeing (directly/indirectly)?
Impact of market failures on monetary
measures of sustainability
Exploration of alternative metrics for
valuing environmental changes
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Sustainable development and
environment (3)
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Resource depletion and environmental
degradation in “green” GDP or Net
National Income
Net Adjusted Savings: conceptual and
measurement issues – Use of special
metrics
The international dimension
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Quality of life (1)
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Distinction between ends and means
to a good life, i.e., aspects (good in
themselves) and determinants
(means of obtaining other elements
that have intrinsic value) of quality of
life
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Quality of life (2)
Aspects of quality of life
Hedonic experiences
 Evaluative judgements
 Capabilities
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Quality of life (3)
Determinants of quality of life
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Personal activities
Personal safety
Social environment
Institutional environment
Natural environment
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Quality of life (4)
Crosscutting issues
Measuring inequality in quality of life
 How to combine information across
domains of quality of life?
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Schedule of work
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April 2008: 1st plenary meeting (Paris)
25 July 2008: Issues paper
6–8 November 2008: 2nd plenary (New
York), draft interim report
26-27 January 2009: 3rd plenary (Paris),
revised interim report, planning of final
report
End-April 2009: 4th plenary, final report
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For further information …
Commission’s website:
http://www.stiglitz-sen-fitoussi.fr/en/index.htm
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