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

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

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

4. 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.

5. 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.

6. Dimensions of urban revitalization:
technical
economic
social
ecological

7. 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.

8. 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.

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

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

11. Thank you for your attention