Remarks on Economic Welfare and Revitalization by Eugeniusz Kwiatkowski University of Lodz Institute of Economics LODZ SUMMER SCHOOL 2017 Lodz, June 3rd 2017

Main goals: to explain the notions of revitalization and economic welfare to indicate relationships between revitalization and economic welfare

Agenda: What is revitalization, urban revitalization? How do economists measure economic welfare? Deeper insight into the relationship between revitalization and economic welfare.

What is revitalization? reactivation, rebirth, renewal, the process of making sth grow, the process of giving new life to sth, the process of making sb or sth active, healthy, the process of bringing sth again into activity and prominence.

What is urban revitalization? the process of a city improving, after being undesirable, the process of activating depressed areas of the city, the planned and coordinated process aimed at counteracting city degradation and stimulating social and economic activities.

Dimensions of urban revitalization: technical economic social ecological

What is economic welfare? the degree of satisfying human needs, the level of financial satisfaction and prosperity experienced by people, the level of prosperity and quality of living standards. Economic welfare is usually measured by economists in terms of real GDP per capita.

GDP per capita in selected countries in 2015 (in US dollars) Country USD Switzerland 80 156 Germany 41 086 Norway 74 820 Belgium 40 498 USA 55 798 France 36 373 Denmark 51 934 Italy 29 886 Sweden 50 271 Spain 25 828 Netherlands 44 447 Greece 17 979 Great Britain 43 762 Czech Republic 17 562 Austria 43 683 Poland 12 404 Source: Statistical Yearbook of Poland 2016, p. 880.

The Limitations of GDP: leisure home production quality of living conditions Revitalization, the quality of living conditions and GDP per capita.

Deeper insight into the relationship between revitalization and GDP: Larger GDP stimulates revitalization Revitalized areas stimulate GDP growth

Thank you for your attention