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Changes in social welfare and sustainability: Theoretical issues and empirical evidence

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  • Vouvaki, Dimitra
  • Xepapadeas, Anastasios

Abstract

We analyze the time derivative of a Ramsey-Koopmans social welfare function (R-K SWF), as an indicator of genuine investment and current change in social welfare (CSW) conditions, when feedback or arbitrary rules are used for selecting policy variables in non-optimizing economies. When policy variables are selected arbitrarily, their accounting prices should determine current CSW in addition to the accounting prices of the economy's assets and genuine investment should be adjusted accordingly. We use our theoretical framework to characterize CSW conditions for non-optimizing economies, based on direct estimation of accounting prices. We use our theoretical model to provide empirical evidence regarding the CSW conditions for the Greek economy.

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Bibliographic Info

Article provided by Elsevier in its journal Ecological Economics.

Volume (Year): 67 (2008)
Issue (Month): 3 (October)
Pages: 473-484

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Handle: RePEc:eee:ecolec:v:67:y:2008:i:3:p:473-484

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Web page: http://www.elsevier.com/locate/ecolecon

Related research

Keywords: Current change in social welfare Genuine investment Sustainability Accounting prices Non-optimizing economy Feedback rule Arbitrary rule;

References

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Citations

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Cited by:
  1. Gren, Ing-Marie & Isacs, Lina, 2009. "Ecosystem services and regional development: An application to Sweden," Ecological Economics, Elsevier, vol. 68(10), pages 2549-2559, August.
  2. Doyen, L. & Martinet, V., 2012. "Maximin, viability and sustainability," Journal of Economic Dynamics and Control, Elsevier, vol. 36(9), pages 1414-1430.
  3. Kumar, Surender, 2013. "Comprehensive wealth and sustainable development in India," MPRA Paper 43809, University Library of Munich, Germany.
  4. Kumar, Surender, 2008. "Is India on a Sustainable Development Path?," MPRA Paper 10086, University Library of Munich, Germany.

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