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Measuring the contributions of productivity and terms of trade to Australia's economic welfare

Consultancy report

This report by W. Erwin Diewert and Denis Lawrence, (Meyrick and Associates) was released on 28 March 2006. The Commission engaged the authors to undertake research that would:

  • identify and implement improvements in practical welfare measurement beyond the conventional average income or GDP per capita measure
  • gauge the welfare contributions of productivity and the terms of trade.

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  • Contents

Cover, Copyright, Foreword, Contents, About the Authors, Executive Summary

1   Introduction

2   The production theory framework

3   The translog GDP function approach

4   The translog GDP function approach and changes in the terms of trade

5   The first order approximation nonparametric approach

6   Deflated GDP translog approach for Australia

7   Deflated GDP first order approximation approach for Australia

8   The deflated NDP translog approach

9   Deflated NDP average of first order approximations approach

10   Conclusions

Appendix A   Diewert-Lawrence database