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Freedom-Based Measurement of Living Standard

By Nicolas Gravel and Benoit Tarroux

Abstract

This paper contrasts conventional real GDP and price indicators of individual living standard, interpreted as revealing information on individual welfare, with others, that aim at reflecting individual freedom. It is argued that freedom-based indices are easier to use and interpret than traditional real GDPones. Illustrations of the differences between the two classes of indices are provided for international comparisons, as well as for the evaluation of growth and inflation in France.

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