This paper builds a welfare measure encompassing household disposable income, unemployment and longevity, while using two different sets of “shadow prices” for non-income variables. The valuations of vital and unemployment risks estimated from life satisfaction data (“subjective shadow...

This paper describes development patterns beyond GDP in a long-term historical perspective. It revisits the discussion on the goals of development in light of the current discussions on ‘Beyond GDP’, provides evidence on GDP and well-being outcomes since 1820 in a broad range of developing...