Hamlet without the prince: the capital approach to development, the New Zealand Treasury’s Living Standards Framework and policy making

References

• Andersen, I. and Canuto, O. (2011) ‘Foreword’ in World Bank (ed.), The Changing Wealth of Nations: Measuring Sustainable Development in the New Millennium, World Bank, Washington DC, pp.xi–xii.
   Google Scholar
• Antonelli, C. (2011) ‘The economic complexity of technological change: knowledge interaction and path dependence’ in Antonelli, C. (ed.) Handbook on the Economic Complexity of Technological Change, Edward Elgar, Cheltenham, pp.3–59.
   Google Scholar
• Arrow, K., Dasgupta, P., Goulder, L., Mumford, K. and Oleson, K. (2012) ‘Sustainability and the measurement of wealth’, Environment and Development Economics, 17, 3, pp.317–53.
   Web of Science ®Google Scholar
• Arthur, B. (1994) Increasing Returns and Path Dependence in the Economy, University of Michigan Press, Ann Arbor.
   Google Scholar
• Arthur, B. (2011) ‘The second economy’, McKinsey Quarterly, 4, pp.90–99.
   Google Scholar
• Atkinson, R. and Ezell, S. (2012) Innovation Economics: The Race for Global Advantage, Yale University Press, New Haven CT.
   Google Scholar
• Baumol, W. (2010) The Microtheory of Innovative Entrepreneurship, Princeton University Press, Princeton.
   Google Scholar
• Binder, M. (2013) ‘Innovativeness and subjective well-being’, Social Indicators Research, 111, pp.561–78.
   Web of Science ®Google Scholar
• Binder, M. (2014) ‘Subjective well-being capabilities: bridging the gap between the capability approach and subjective well-being research’, Journal of Happiness Studies, 15, 5, pp.1197–1217.
   Web of Science ®Google Scholar
• Block, J. and Koellinger, P. (2009) ‘I can’t get no satisfaction – necessity entrepreneurship and procedural utility’, Kyklos, 62, 2, pp.191–209.
   Web of Science ®Google Scholar
• Brynjolfsson, E. and McAffe, A. (2014) The Second Machine Age, W.W. Norton & Company, New York.
   Google Scholar
• Cohen, A. and Harcourt, G. (2003) ‘Retrospectives: whatever happened to the Cambridge capital theory controversies?’, Journal of Economic Perspectives, 17, 1, pp.199–214.
   Web of Science ®Google Scholar
• Csikszentmihalyi, M. (1990) Flow: The Psychology of Optimal Experience, Harper & Row, New York.
   Google Scholar
• Dasgupta, P. (2009) ‘The welfare economic theory of Green National Accounts’, Environmental and Resource Economics, 42, pp.3–38.
   Web of Science ®Google Scholar
• Deeming, C. (2013) ‘Addressing the social determinants of subjective wellbeing: the latest challenge for social policy’, Journal of Social Policy, 42, 3, pp.541–65.
   PubMed Web of Science ®Google Scholar
• Dewe, P. and Cooper, C. (2012) Well-Being and Work: Towards a Balanced Agenda, Palgrave Macmillan, Basingstoke.
   Google Scholar
• Dolan, P. and Metcalfe, R. (2012) ‘The relationship between innovation and subjective well-being’, Research Policy, 41, pp.1489–98.
   Web of Science ®Google Scholar
• Engelbrecht, H.-J. (2007) ‘The (un)happiness of knowledge and the knowledge of (un)happiness: happiness research and policies for knowledge-based economies’, Prometheus, 25, 3, pp.243–66.
   Google Scholar
• Engelbrecht, H.-J. (2009) ‘Natural capital, subjective well-being, and the new welfare economics of sustainability: some evidence from cross-country regressions’, Ecological Economics, 69, 2, pp.380–88.
   Web of Science ®Google Scholar
• Engelbrecht, H.-J. (2012a) ‘Some empirics of the bivariate relationship between average subjective well-being and the sustainable wealth of nations’, Applied Economics, 44, pp.537–54.
   Web of Science ®Google Scholar
• Engelbrecht, H.-J. (2012b) ‘Knowledge-based economies and subjective well-being’ in Rooney, D., Hearn, G. and Kastelle, T. (eds) Handbook on the Knowledge Economy, Volume. Two, Edward Elgar, Cheltenham, pp.54–67.
   Google Scholar
• Engelbrecht, H.-J. (2013) ‘Means and ends: towards a well-being theory of (social) innovation’ in De Bruin, A., Stangl, J. and Stangl, L. (eds) Proceedings of the Massey University Social Innovation and Entrepreneurship Conference: ‘Blurring Boundaries, Transcending Barriers’, New Zealand Social Innovation & Entrepreneurship research Centre (SIERC), Massey Univeristy, Aukland, pp.279–307, available from http://sierc.massey.ac.nz/conference/documents/SIERC%202013%20Proceedings.pdf [accessed February 2015].
   Google Scholar
• Engelbrecht, H.-J. (2014a) ‘A general model of the innovation–subjective well-being nexus’, Journal of Evolutionary Economics, 24, 2, pp.377–97.
   Web of Science ®Google Scholar
• Engelbrecht, H.-J. (2014b) ‘A comparison of macro-level sustainability indices for OECD countries: conceptual and measurement issues’, Economic Papers, 33, 2, pp.137–52.
   Google Scholar
• Frey, B., Benz, M. and Stutzer, A. (2004) ‘Introducing procedural utility: not only what, but also how matters’, Journal of Institutional and Theoretical Economics, 160, pp.377–401.
   Web of Science ®Google Scholar
• Frey, B. and Stutzer, A. (2005) ‘Beyond outcomes: measuring procedural utility’, Oxford Economic Papers, 57, pp.90–111.
   Web of Science ®Google Scholar
• Gleisner, B., Llewellyn-Fowler, M. and McAlister, F. (2011) Working Towards Higher Living Standards for New Zealanders, Treasury Paper 11/02, New Zealand Treasury, Wellington.
   Google Scholar
• Gleisner, B., McAlister, F., Galt, M. and Beaglehole, J. (2012) ‘A living standards approach to public policy making’, New Zealand Economic Papers, 46, 3, pp.211–38.
   Google Scholar
• Greasley, D., Hanley, N., Kunnas, J., McLaughlin, E., Oxley, L. and Warde, P. (2014a) ‘Testing genuine savings as a forward-looking indicator of future well-being over the (very) long-run’, Journal of Environmental Economics and Management, 67, pp.171–88.
   Web of Science ®Google Scholar
• Greasley, D., Hanley, N., McLaughlin, E. and Oxley, L. (2014b) The Emperor’s New Clothes: Empirical Tests of Mainstream Theories of Economic Growth, Paper 2014–01, Discussion Papers in Environmental Economics, University of St. Andrews, UK.
   Google Scholar
• Hall, J. (2013) ‘From capabilities to contentment: testing the links between human development and life satisfaction’ in Helliwell, J., Layard, R. and Sachs, J. (eds) World Happiness Report 2013, UN Sustainable Development Solutions Network, New York, pp.138–53.
   Google Scholar
• Hamilton, K. (2012) ‘Comments on Arrow et al., “Sustainability and the measurement of wealth”, Environment and Development Economics, 17, 3, pp.356–61.
   Web of Science ®Google Scholar
• Hamilton, K. and Hepburn, C. (2014) ‘Wealth’, Oxford Review of Economic Policy, 30, 1, pp.1–20.
   Web of Science ®Google Scholar
• Hamilton, K. and Liu, G. (2014) ‘Human capital, tangible wealth, and the intangible capital residual’, Oxford Review of Economic Policy, 30, 1, pp.70–91.
   Web of Science ®Google Scholar
• Hawkins, R. and Davis, C. (2012) ‘Innovation and experience goods: a critical appraisal of a missing dimension in innovation theory’, Prometheus, 30, 3, pp.235–59.
   Google Scholar
• Helliwell, J. (2012) Understanding and Improving the Social Context of Well-Being, Working Paper 18486, National Bureau of Economic Research, Cambridge MA.
   Google Scholar
• Helliwell, J. and Huang, H. (2011) ‘Well-being and trust in the workplace’, Journal of Happiness Studies, 12, pp.747–67.
   Web of Science ®Google Scholar
• Helliwell, J., Layard, R. and Sachs, J. (eds) (2012) World Happiness Report, The Earth Institute, Columbia University, New York.
   Google Scholar
• Helliwell, J., Layard, R. and Sachs, J. (eds) (2013) World Happiness Report 2013, UN Sustainable Development Solutions Network, New York.
   Google Scholar
• Helpman, E. (2004) The Mystery of Economic Growth, Belknap Press, Harvard University, Cambridge MA.
   Google Scholar
• Isen, A., Daubman, K. and Nowicki, G. (1987) ‘Positive affect facilitates creative problem solving’, Journal of Personality and Social Psychology, 52, 6, pp.1122–31.
   PubMed Web of Science ®Google Scholar
• Kidd, N. (2008) Putting Productivity First, New Zealand Treasury Productivity Paper 08/01, New Zealand Treasury, Wellington.
   Google Scholar
• Knight, F. (1921) Risk, Uncertainty, and Profit, Houghton Mifflin, Boston, MA.
   Google Scholar
• Liu, G. (2011) Measuring the Stock of Human Capital for Comparative Analysis: An Application of the Lifetime Income Approach to Selected Countries, OECD Statistics Working Paper 2011/06, OECD, Paris.
   Google Scholar
• Martin, B. (2013) ‘Innovation studies: an emerging agenda’ in Fagerberg, J., Martin, B. and Andersen, E. (eds) Innovation Studies: Evolution and Future Challenges, Oxford University Press, Oxford, pp.168–86.
   Google Scholar
• Metcalfe, S. (2001) ‘Institutions and progress’, Industrial and Corporate Change, 10, 3, pp.561–86.
   Google Scholar
• Newton, J. (2007) Wellbeing Research: Synthesis Report, available from http://www.esrc.ac.uk/my-esrc/grants/RES-173-27-0007/outputs/Download/5d9247eb-ea58-4d4d-a83e-a9d50c1215c5 [accessed February 2015].
   Google Scholar
• Ng, W., Diener, E., Aurora, R. and Harter, J. (2009) ‘Affluence, feelings of stress, and well-being’, Social Indicators Research, 94, 2, pp.257–71.
   Web of Science ®Google Scholar
• O’Donnell, G. (2013) ‘Using well-being as a guide to policy’ in Helliwell, J., Layard, R. and Sachs, J. (eds) World Happiness Report 2013, UN Sustainable Development Solutions Network, New York, pp.98–111.
   Google Scholar
• OECD (2011a) Sick on the Job? Myths and Realities about Mental Health at Work, OECD, Paris.
   Google Scholar
• OECD (2011b) How’s Life? Measuring Well-Being, OECD, Paris.
   Google Scholar
• OECD (2013) How’s Life? 2013 – Measuring Well-being, OECD, Paris.
   Google Scholar
• Perez, C. (2013) ‘Unleashing a golden age after the financial collapse: drawing lessons from history’, Environmental Innovation and Societal Transitions, 6, pp.9–23.
   Google Scholar
• Potts, J. (2011) ‘The use of happiness in society’, Policy, 27, 1, pp.3–10.
   Google Scholar
• Procter, R. (2011) Enhancing Productivity: Towards an Updated Action Agenda, Occasional Paper 11/01, Ministry of Economic Development, Wellington.
   Google Scholar
• Ruskin, J. (2009) (first published as a book in 1862) Unto this Last, Floating Press, Auckland.
   Google Scholar
• Sachs, J. (2012) ‘Introduction’ in Helliwell, J., Layard, R. and Sachs, J. (eds) World Happiness Report, Earth Institute, Columbia University, New York, pp.2–9.
   Google Scholar
• Schneck, S. (2014) ‘Why the self-employed are happier: evidence from 25 European countries’, Journal of Business Research, 67, 6, pp.1043–48.
   Web of Science ®Google Scholar
• Schubert, C. (2012a) ‘‘Is novelty always a good thing? Towards an evolutionary welfare economics’, Journal of Evolutionary Economics, 22, pp.585–619.
   Web of Science ®Google Scholar
• Schubert, C. (2012b) ‘Pursuing happiness’, Kyklos, 65, 2, pp. 245–61.
   Web of Science ®Google Scholar
• Schubert, C. (2013) ‘How to evaluate creative destruction: reconstructing Schumpeter’s approach’, Cambridge Journal of Economics, 37, pp.227–50.
   Web of Science ®Google Scholar
• Schumpeter, J. (1947) ‘The creative response in economic history’, Journal of Economic History, 7, 2, pp.149–59.
   Web of Science ®Google Scholar
• Schwartz, B. (2004) The Paradox of Choice: Why More is Less, Harper Collins, New York.
   Google Scholar
• Sen, A. (1985) Commodities and Capabilities, North-Holland, Amsterdam.
   Google Scholar
• Statistics New Zealand (2008) Measuring New Zealand’s Progress Using a Sustainable Development Approach, Statistics New Zealand, Wellington.
   Google Scholar
• Stiglitz, J., Sen, A. and Fitoussi, J.-P. (2009) Report by the Commission on the Measurement of Economic Performance and Social Progress, available from www.stiglitz-sen-fitoussi.fr [accessed February 2015].
   Google Scholar
• Swann, P. (2009) The Economics of Innovation: An Introduction, Edward Elgar, Cheltenham.
   Google Scholar
• Treasury (2012) ‘Improving the living standards of New Zealanders: moving from a framework to implementation’, conference paper, New Zealand Treasury, Wellington, June.
   Google Scholar
• Treasury (2013a) Living Standards: A Short Guide to ‘Economic Growth’, Wellington, available from http://www.treasury.govt.nz/abouttreasury/higherlivingstandards/hls-ag-econgrow-jan13.pdf [accessed May 2013].
   Google Scholar
• Treasury (2013b) Living Standards: A Short Guide to ‘Sustainability for the Future’, Wellington, available from http://www.treasury.govt.nz/abouttreasury/higherlivingstandards/hls-ag-sust-jan13.pdf [accessed May 2013].
   Google Scholar
• Treasury (2013c) Living Standards Background Note: ‘Increasing Equity’, Wellington, available from http://www.treasury.govt.nz/abouttreasury/higherlivingstandards/hls-bg-equity-jan13.pdf [accessed May 2013].
   Google Scholar
• Treasury (2013d) Living Standards: A Short Guide to ‘Social Infrastructure’, Wellington, available from http://www.treasury.govt.nz/abouttreasury/higherlivingstandards/hls-ag-socinfr-jan13.pdf [accessed May 2013].
   Google Scholar
• Treasury (2013e) Living Standards: A Short Guide to ‘Managing Risks’, Wellington, available from http://www.treasury.govt.nz/abouttreasury/higherlivingstandards/hls-ag-risks-jan13.pdf [accessed May 2013].
   Google Scholar
• United Nations Economic Commission for Europe (UNECE) (2013) Framework and Suggested Indicators to Measure Sustainable Development, Joint UNECE/Eurostat/OECD Task Force on Measuring Sustainable Development, 27 May, available from http://www.unece.org/fileadmin/DAM/stats/documents/ece/ces/2013/SD_framework_and_indicators_final.pdf [accessed May 2013].
   Google Scholar
• Veenhoven, R. (2010) ‘Capability and happiness: conceptual difference and reality links’, The Journal of Socio-Economics, 39, pp.344–50.
   Google Scholar
• Verme, P. (2011) Life Satisfaction and Income Inequality, Policy Research Working Paper 5574, Poverty Reduction and Economic Management Unit, Middle-East and North Africa Region, World Bank, Washington DC.
   Google Scholar
• von Hippel, E. (1988) The Sources of Innovation, Oxford University Press, New York, available from http://web.mit.edu/evhippel/www/sources.htm [accessed May 2013].
   Google Scholar
• von Hippel, E. (2005) Democratizing Innovation, MIT Press, Cambridge MA, available from http://web.mit.edu/evhippel/www/democ1.htm [accessed May 2013].
   Google Scholar
• World Bank (2006) Where is the Wealth of Nations? Measuring Capital for the 21st Century, World Bank, Washington DC.
   Google Scholar
• World Bank (2011) The Changing Wealth of Nations: Measuring Sustainable Development in the New Millennium, World Bank, Washington DC.
   Google Scholar
• Zelenski, J., Steven, M. and Jenkins, D. (2008) ‘The happy-productive worker thesis revisited’, Journal of Happiness Studies, 9, pp.521–37.
   Web of Science ®Google Scholar