The main focus of the Deaton’s study is on measurement issues. In the 1980’s, the research in the economic development was mostly based theoretical and wherever it was empirical, it was based on the aggregate data from nation accounts. And the studies were based on several assumptions about individual consumption behaviour. Deaton questioned the notion […]
Merely restructuring the GDP estimation would not bring the growth rate matching the ground reality. Comment in light of the recent revision of the GDP estimates with the changing base year.