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Economic growth 4 - Alternatives to GDP
This lecture explores alternatives to GDP, focusing on the Green Domestic Product concept, which accounts for greenhouse gas emissions. It delves into methods for valuing untraded resources and environmental damage, including damage and production functions. The lecture also covers the Human Development Index (HDI), its calculation, aggregation, and global rankings, highlighting improvements over time. Additionally, it discusses life expectancy calculations and the Genuine Progress Indicator (GPI) in North Carolina, emphasizing the divergence between economic growth and genuine progress.