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The linearised Hamiltonian as comprehensive NDP

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  • WEITZMAN, MARTIN L.

Abstract

For guidance in determining which items should be included in comprehensive NDP (net domestic product) and how they should be included, reference is often made to the linearised Hamiltonian from an optimal growth problem. The paper gives a rigorous interpretation of this procedure in terms of a money-metric utility function linked to familiar elements of standard welfare theory. A key insight is that the Hamiltonian itself is a quasilinear utility function, so imposing the money-metric normalisation is simply equivalent to using Marshallian consumer surplus as the appropriate measure of welfare when there are no income effects. The twin concepts of the sustainability-equivalence principle and the dynamic welfare-comparison principle are explained, and it is indicated why these two principles are important for the theory of national income accounting.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Environment and Development Economics.

Volume (Year): 5 (2000)
Issue (Month): 01 (February)
Pages: 55-68

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Handle: RePEc:cup:endeec:v:5:y:2000:i:01:p:55-68_00

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Cited by:
  1. Huhtala, Anni & Toppinen, Anne & Boman, Mattias, 2001. "An Environmental Accountant`s Dilemma: Are Stumpage Prices Reliable Indicators of Resource Scarcity?," Working Paper 77, National Institute of Economic Research.
  2. Azqueta, Diego & Sotelsek, Daniel, 2007. "Valuing nature: From environmental impacts to natural capital," Ecological Economics, Elsevier, vol. 63(1), pages 22-30, June.
  3. Céline Antonin & Thomas Mélonio & Xavier Timbeau, 2012. "L'epargne nette ré-ajustée," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 259-286.
  4. Huhtala, Anni & Samakovlis, Eva, 2003. "Green Accounting, Air Pollution and Health," Working Paper 82, National Institute of Economic Research.
  5. Yacov Tsur & Amos Zemel, 2008. "Regulating environmental threats," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 39(3), pages 297-310, March.
  6. Partha Dasgupta & Karl-Goran Maler, 1998. "Decentralization Schemes, Cost-Benefit-Analysis, and Net National Product as a Measure of Social Well-Being," STICERD - Development Economics Papers - From 2008 this series has been superseded by Economic Organisation and Public Policy Discussion Papers 12, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
  7. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09hi4j70a29 is not listed on IDEAS
  8. 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.
  9. Hediger, Werner, 2010. "Welfare and capital-theoretic foundations of corporate social responsibility and corporate sustainability," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(4), pages 518-526, August.
  10. Figueroa B., Eugenio & Orihuela R., Carlos & Calfucura T., Enrique, 2010. "Green accounting and sustainability of the Peruvian metal mining sector," Resources Policy, Elsevier, vol. 35(3), pages 156-167, September.
  11. Hassan, Rashid & Ngwenya, Phindile, 2006. "Valuing forest services missing from the national accounts: The contribution of cultivated forests to wealth accumulation in Swaziland," Forest Policy and Economics, Elsevier, vol. 9(3), pages 249-260, December.
  12. Tsur, Yacov & Zemel, Amos, 2006. "Regulating Environmental Threats," Discussion Papers 7150, Hebrew University of Jerusalem, Department of Agricultural Economics and Management.
  13. Partha Dasgupta & Karl-Göran Mäler, 2003. "The Economics of Non-Convex Ecosystems: Introduction," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 26(4), pages 499-525, December.

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