Among the many interpretations of real national income are (1) the return to national wealth and (2) the Hamiltonian of an appropriately-chosen dynamic model of the economy. These interpretations are sometiems alleged to be equivalent and to constitute the self-evidently ideal definition to which statistics of real national income should conform as closely as possible., The allegation is correct on some very restrictive assumptions about technology and taste. Otherwise, these interpretations are inconsistent, inexpedient as definitions of real national income and significantly at variance with the usage in the national accounts. The return to wealth is unmeasurable with the currently-available data. The Hamiltonian is typically in the wrong units. It is an accurate reflection of neither productive capacity nor welfare in an intertemporal context. It is not well-defined in a tax-distorted economy. It is rarely an indicator of the return to wealth. Copyright 1994 by The International Association for Research in Income and Wealth.
Download Info
To our knowledge, this item is not available for
download. To find whether it is available, there are three
options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page
whether it is in fact available.
3. Perform a search for a similarly titled item that would be
available.
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
Did you know? All full texts are decentralized with the publishers, none reside on this server, thus making it possible to offer this service for free to all parties.