Encyclopedia of Law and Economics

2019 Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Economic Performance

  • Marianna SuccurroEmail author
Reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7753-2_208

Abstract

Economic performance indicates the way in which a country or a firm functions, that is the efficiency with which they achieve their intended objectives. Alternative approaches to measuring both macroeconomic and microeconomic performance exist. Gross Domestic Product, among others, is one of the most important indicator to know how well an economy is performing and, given the existence of international standards for its calculation, it is also widely used across the world for international comparison. Efficiency and productivity, as well as long-term growth, are traditional indicators of firm performance. It is important to note, however, that all indicators are imperfect and, overall, it is important for economists and policy makers to look beyond the headline statistics to give a better overall picture of economic welfare.

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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Department of Economics, Statistics and FinanceUniversity of CalabriaRende (CS)Italy