Phil Trammell & Chad Jones - GDP and VSL

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When GDP Misleads: Inferring Living Standards from the Value of a Statistical Life Philip Trammell Charles I. Jones* Stanford University Stanford GSB and NBER June 18, 2026 — Version 1.0 Abstract Real GDP per person is a widely used proxy for living standards, but it can be a poor welfare measure when new goods or quality improvements matter, when nonmarket goods are significant, and…

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• Rohan Selva-Radov

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