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The Concept of Income in a General Equilibrium

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SEFTON
WEALE

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Abstract

This paper derives a concept of aggregate real income for a competitive economy in general equilibrium consisting of heterogeneous infinitely lived people and relates it to current and future consumption possibilities. An important characteristic of our measure of income, which we call Real Income, is that deflation is carried out using a consumption deflator rather than any price index of output. We suggest that it may be inappropriate to regard capital gains as income. We also present a coherent treatment of the effects of changes to the terms of trade on Real Income and explain the implications of this for resource-exporting economies. Copyright 2006 The Review of Economic Studies Limited.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-937X.2006.00375.x
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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 73 (2006)
Issue (Month): 1 (01)
Pages: 219-249
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Handle: RePEc:bla:restud:v:73:y:2006:i:1:p:219-249

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  1. van der Ploeg, Frederick, 2008. "Why Do Many Resource-Rich Countries Have Negative Genuine Saving? Anticipation of Better Times or Rapacious Rent Seeking," CEPR Discussion Papers 7021, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  2. Hillinger, Claude, 2008. "Measuring Real Value and Inflation," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(20), pages 1-26. [Downloadable!]
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  3. Geir Asheim & Taoyuan Wei, 2009. "Sectoral Income," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 42(1), pages 65-87, January. [Downloadable!] (restricted)
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    • Asheim , Geir B. & Wei , Taoyuan, 2007. "Sectoral income," Memorandum 23/2007, Oslo University, Department of Economics. [Downloadable!]
  4. Diane Dawson & Hugh Gravelle & Mary O'Mahony & Andrew Street & Martin Weale & Adriana Castelli & Rowena Jacobs & Paul Kind & Pete Loveridge & Stephen Martin & Philip Stevens & Lucy Stokes, 2005. "Developing new approaches to measuring NHS outputs and productivity," Working Papers 006cherp, Centre for Health Economics, University of York, revised Dec 2005. [Downloadable!]
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  5. van der Ploeg, Frederick, 2008. "Genuine Saving and the Voracity Effect," CEPR Discussion Papers 6831, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. Partha Dasgupta, 2009. "The Welfare Economic Theory of Green National Accounts," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 42(1), pages 3-38, January. [Downloadable!] (restricted)
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