Economic Performance

1 Key excerpts on "Economic Performance"

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  eBook - ePub

  An Introduction to Gender and Wellbeing in Microeconomics

  Foundations, Concepts and Policies

  • Nicky Pouw(Author)
  • 2017(Publication Date)
  • Routledge

    (Publisher)

  We will therefore move beyond the traditional efficiency-equality dichotomy and identify complementary Economic Performance indicators to GDP growth that do more justice to production in the unpaid economy. This conveys our gender-aware perspective at the macro-economic level. Moreover, as explained in Chapter 3, social inequity and environmental sustainability are raised as critical themes that cannot be overlooked when evaluating Economic Performance from a more inclusive perspective. This requires the recognition and valuation of intangible assets as compounding factors to Economic Performance. We will therefore introduce a number of alternative performance indicators that can be used to assess society’s progress in multiple dimensions. These indicators are useful to capture some of the externalities of economic growth that go otherwise unrecorded in economic analysis and policy evaluation. 7.2 Economic Performance Economic Performance is the assessment of an economy in relation to how it functions and what outcomes it produces to the people who constitute the economy, and the environment in which it is embedded. Economic Performance is, in essence, a measure of success for an economy to deliver on its prime functions. What these prime functions are, what outcomes are produced, and for whom or what is part of a longstanding debate in the field of economics. Box 7.1 Economic Performance Economic Performance is the assessment of an economy in relation to how it functions and what outcomes it produces to the people who constitute the economy, and the environment in which it is embedded. Historically, efficiency has been the theoretical and conceptual criterion in economics to assess whether an economy is functioning in an optimal manner. The reasoning behind this is an efficient economy precludes the highest amount of total output that can be produced at any given point in time

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