Despite all theoretically and empirically motivated criticism of GDP as a social welfare and progress indicator, its role in economics, public policy, politics and society continues to be influential. To resolve this paradox, one has to recognize that many economists accept the criticism of the GDP indicator but deny its relevance. This paper evaluates the reasons for denial. This entails five ...

This empirical paper focuses on the relationship between changes in GDP and CO2 emissions as a country’s economy moves through periods of growth and decline. Using a comprehensive panel, I document substantial heterogeneity in the relationship across countries. Specifically, countries can be classified into one of the following three groups. Group D (for decline) includes countries where the em...

While many Asian emerging markets now run current account surpluses, reducing Asia’s overall excess savings is largely about modifying growth patterns and saving–investment balances in China. China accounts for about half of the total GDP in Asia ex-Japan but over two-thirds of the region’s total savings and current account surplus. One feature shared by all Asian economies is the surge in corp...

This paper examines the impact of government expenditure on the Nigerian economy for the period 1983 - 2012. The government expenditure components used as the explanatory variables in the model are: expenditures on Health, Education, Defense, Agriculture and Transportation and Communication. The Gross Domestic Product (GDP) was used as a parameter for measuring economic growth. In order to esta...