Title: Development beyond growth: Singapore's genuine progress, 1968-2014
Authors: Claudio O. Delang
Addresses: Department of Geography, Hong Kong Baptist University, Kowloon Tong, Hong Kong
Abstract: In this paper, I estimate the Genuine Progress Indicator (GPI) of Singapore from 1968 to 2014. I start by introducing the GPI as an indicator of people's standard of living, and then describe the different items used to estimate the GPI. My analysis of the data reveals that during the 47 years under investigation, the relationship between the GDP and the GPI gradually weakened, as the social and environmental costs that accompany economic growth grew faster than the economic benefits. By 1999, the relationship between the GDP and the GPI virtually disappeared, and in 2005 the GPI of Singapore started to drop, while the GDP kept growing. By 2014, the GPI of Singapore had dropped to the 1999 level. This means that the economic growth that occurred from 1999 to 2014 did not result in higher standards of living. After 1999, Singaporeans would have been better off if the government had pursued policies that directly improve people's lives, instead of promoting economic growth and expect it to trickle down into higher living standards.
Keywords: GPI; genuine progress indicator; GDP; gross domestic product; threshold hypothesis; Singapore; standard of living; social costs; environmental costs; economic growth; trickle down effects.
International Journal of Green Economics, 2016 Vol.10 No.1, pp.32 - 50
Received: 23 Apr 2016
Accepted: 09 Aug 2016
Published online: 12 Oct 2016 *