European Business Schools Librarian's Group

Department of Economics Working Papers,
Vienna University of Economics and Business, Department of Economics

No 330: Welfare, Autonomy, and Relative GDP

Daniel C. L. Hardy ()
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Daniel C. L. Hardy: The Vienna Institute for International Economic Studies

Abstract: A country’s well-being is influenced by the international conditions it faces, which are partly determined by the interacting interests and relative strengths of that country and others. As corroborated by evidence presented in the paper, relative GDP is a good indicator of a country’s ‘hard’ and ‘soft’ power. Hence, a relatively large GDP allows a country to better exercise agency over its affairs, make the international environment more congenial, and deal with external political-economy shocks, thus raising its well-being. A corollary is that relatively slow growth implies declining autonomy and influence on international decisions.

Keywords: GDP, welfare measurement, relative income, autonomy

JEL-codes: I31; F50; H87 February 2023

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