The genuine progress indicator methodological developments and results from Australia

This paper is a contribution to the continuing development of the methods and results for the Index of Sustainable Economic Welfare, also known as the Genuine Progress Indicator (GPI). It attempts a more systematic approach to some of the components of the GPI. It includes a more careful specification of types of capital and more plausible methods of estimating the costs of depletion of non-renewable resources and environmental damage due to ozone depletion. In addition, the paper attempts a more comprehensive treatment of the value of time, including the costs of unemployment and overwork. Results of the GPI calculations for Australia over the period 1950-1996 are presented and analysed. (C) 1999 Elsevier Science B.V. All rights reserved.