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Social Accounting and Welfare Measurement in a Growth Model with Human Capital

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  • Aronsson, Thomas
  • Lofgren, Karl-Gustaf
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    Abstract

    This paper addresses social accounting and welfare measurement in an economy where human capital is an important factor in the economic system. Human capital accumulation depends on the time consumers spend in education. However, human capital is also a separate argument in the production function facing firms, which gives rise to a production externality. In a command optimum, where the externality is internalized, the authors show that an augmented net national product measure is the appropriate welfare indicator. They also discuss the tax-transfer system required for the decentralized economy to reach a command optimum. Copyright 1996 by The editors of the Scandinavian Journal of Economics.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

    Volume (Year): 98 (1996)
    Issue (Month): 2 (June)
    Pages: 185-201

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    Handle: RePEc:bla:scandj:v:98:y:1996:i:2:p:185-201

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    Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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    Web: http://www.blackwellpublishing.com/subs.asp?ref=0347-0520

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    Cited by:
    1. Mino, Kazuo, 2004. "On the Generalized Weitzman's Rule," MPRA Paper 16996, University Library of Munich, Germany.
    2. Aronsson, Thomas, 1998. "Welfare measurement, green accounting and distortionary taxes," Journal of Public Economics, Elsevier, vol. 70(2), pages 273-295, November.
    3. Tsur, Yacov & Zemel, Amos, 2006. "Welfare measurement under threats of environmental catastrophes," Journal of Environmental Economics and Management, Elsevier, vol. 52(1), pages 421-429, July.
    4. Aronsson, Thomas & Thunström, Linda, 2008. "A note on optimal paternalism and health capital subsidies," Economics Letters, Elsevier, vol. 101(3), pages 241-242, December.
    5. Thomas Aronsson & Karl-Gustaf Löfgren, 1998. "Green Accounting in Imperfect Market Economies," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 11(3), pages 273-287, April.
    6. Aronsson, Thomas, 1998. "A note on social accounting and unemployment," Economics Letters, Elsevier, vol. 59(3), pages 381-384, June.
    7. Aronsson, Thomas & Cialani, Catia & Löfgren, Karl-Gustaf, 2012. "Genuine saving and the social cost of taxation," Journal of Public Economics, Elsevier, vol. 96(1), pages 211-217.
    8. Aronsson, Thomas, 2004. "Social Accounting and the Public Sector," UmeÃ¥ Economic Studies 644, Umeå University, Department of Economics.

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