1. Economic Welfare National Income & other measures

2. National Income Measures GNP GDP – Real GDP per capita Issues –Income distribution –Non-monetised economy –Hidden economy –Quality of goods / services –Negative externalities –Stress

3. Wider definition of standard of living Economic welfare derived from goods/services purchased in mkt economy Economic welfare derived from public/merit goods collectively provided by the state Economic welfare derived from QoL factors, including external benefits & intangibles minus external costs & intangibles ++ National Income

4. Alternatives to National Income to measure economic welfare UN HDI –Real GDP per cap –Life exp –Educational attainment Human Poverty Index Index of Sustainable Economic Welfare Life Surveys QoL indicators HPI-1 LEDCsHPI-2 MEDCs % die before 40% die before 60 % adults illiterate% adults with inadequate reading/writing % people no access to healthcare/safe water% people with dis incomes <50% median % underweight children under 5% long term unemployed (> 12 months)