Accounting for the Wealth of Nations: The Net versus Gross Output Controversy and Its Ramifications
AbstractThere has been a longstanding controversy over the use of net versus gross measures of national product in accounting for economic growth, most recently reflected in several papers which have examined.the role of environmental variables. It is argued in this paper that the two measures are not substitutes, but complements which reveal different aspects of the growth process: gross product is the correct output concept for estimating the structure of production, while net product is the correct concept for measuring the welfare consequences of economic growth. An alternative to the conventional Solow growth accounting framework is then presented in which the change in national wealth is decomposed into its component elements. Copyright 1992 by The editors of the Scandinavian Journal of Economics.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.
Volume (Year): 94 (1992)
Issue (Month): 0 (Supplement)
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442
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- Roland Spant, 2003. "Why Net Domestic Product Should Replace Gross Domestic Product as a Measure of Economic Growth," International Productivity Monitor, Centre for the Study of Living Standards, vol. 7, pages 39-43, Fall.
- Charles R. Hulten, 2006. "The "Architecture" of Capital Accounting: Basic Design Principles," NBER Chapters, in: A New Architecture for the U.S. National Accounts, pages 193-214 National Bureau of Economic Research, Inc.
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- Mino, Kazuo, 2004. "On the Generalized Weitzman's Rule," MPRA Paper 16996, University Library of Munich, Germany.
- Parry, Ian, 1997. "Productivity Trends in the Natural Resource Industries," Discussion Papers dp-97-39, Resources For the Future.
- Thomas Aronsson & Karl-Gustaf Löfgren, 1995. "National product related welfare measures in the presence of technological change: Externalities and uncertainty," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 5(4), pages 321-332, June.
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