The Index of Sustainable Economic Welfare is an economic indicator intended to replace the Gross domestic product. Rather than simply adding together all expenditure like Gross domestic product. Consumer expenditure is balanced by such factors as income distribution and cost associated with pollution and other economically unsustaining costs. It is similar to the Genuine Progress Indicator.

Definition

Index of Sustainable Economic Welfare (ISEW) is roughly defined by the following formula.

ISEW = personal consumption
+ non-defensive public expenditures
- defensive private expenditures
+ capital formation
+ services from domestic labour
- costs of environmental degradation
- depreciation of natural capita

History

The index is based on the ideas presented by Nordhaus and Tobin in their Measure of Economic Welfare. It was first coined in 1989 by Daly and Cobb. They later went on to add several other "costs" to the definition of ISEW. This later work formed the Genuine Progress Indicator.

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Economics

Economics is the social science that studies the production, distribution , and consumption of goods and services . The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)."

A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay : "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem . The subject thus defined involves the study of choices as they are affected by incentives and resources.

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