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The NNP and Sustainability in Open Economy: Highlights on Recent World Economy and on Open Economy of Bangladesh

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  • Haradhan Kumar Mohajan

    ()
    (Premier University, Chittagong, Bangladesh)

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    Abstract

    This paper discusses the theory of the net national product and, emphasizes on social welfare and sustainable accounting in open economy. It is observed that the world economy following an egalitarian path, the aggregate capital gains being positive is equivalent to the interest rate tending to decrease. This is important for the concept of net national product in open economies. Martin Weitzman gives a foundation for net national product as the stationary equivalent of a wealth maximizing path when there is a constant interest rate and no exogenous technological progress. The NNP should equal the maximum consumption level that can be sustained. The ordinary Hartwick rule gives a sufficient condition for constant consumption in a closed economy with constant population and stationary technology. An attempt has been taken in this paper to discuss the net national product and sustainability in open economy. The paper also highlights the recent world economy and the open economy of Bangladesh.

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    File URL: http://kasbit.edu.pk/KBJVol4/3-Haradhan-NNP%20and%20sustainability-INDUS.pdf
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    Bibliographic Info

    Article provided by Khadim Ali Shah Bukhari Institute of Technology (KASBIT) in its journal KASBIT Bussiness Journal.

    Volume (Year): 4 (2011)
    Issue (Month): (December)
    Pages: 32-47

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    Handle: RePEc:ksb:journl:v:4:y:2011:p:32-47

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    Web page: http://kasbit.edu.pk/academics/academic-departments/marketing-management/
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    Related research

    Keywords: Net national product; Open economy; Social Welfare and Sustainability;

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    1. M. L. Weitzman, 1974. "On the Welfare Significance of National Product in Dynamic Economy," Working papers 125, Massachusetts Institute of Technology (MIT), Department of Economics.
    2. Geir B. Asheim, 1986. "Hartwick's Rule in Open Economies," Canadian Journal of Economics, Canadian Economics Association, vol. 19(3), pages 395-402, August.
    3. Giancarlo Corsetti & Luca Dedola & Sylvain Leduc, 2010. "Optimal monetary policy in open economies," Economics Working Papers ECO2010/35, European University Institute.
    4. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, vol. 67(5), pages 972-74, December.
    5. Dixit, Avinash & Hammond, Peter & Hoel, Michael, 1980. "On Hartwick's Rule for Regular Maximin Paths of Capital Accumulation and Resource Depletion," Review of Economic Studies, Wiley Blackwell, vol. 47(3), pages 551-56, April.
    6. Burmeister, Edwin & Hammond, P J, 1977. "Maximin Paths of Heterogeneous Capital Accumulation and the Instability of Paradoxical Steady States," Econometrica, Econometric Society, vol. 45(4), pages 853-70, May.
    7. Dasgupta, Partha, 1990. "The Environment as a Commodity," Oxford Review of Economic Policy, Oxford University Press, vol. 6(1), pages 51-67, Spring.
    8. Geir B. Asheim, 2010. "Global welfare comparisons," Canadian Journal of Economics, Canadian Economics Association, vol. 43(4), pages 1412-1432, November.
    9. Dasgupta, P., 1990. "The Environment as Commodity.i," Research Paper 84, World Institute for Development Economics Research.
    10. Asheim, Geir B, 1997. " Adjusting Green NNP to Measure Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 99(3), pages 355-70, September.
    11. Asheim, Geir B., 1996. "Capital gains and net national product in open economies," Journal of Public Economics, Elsevier, vol. 59(3), pages 419-434, March.
    12. B. Asheim, 2011. "Comparing the welfare of growing economies," Revue d'├ęconomie politique, Dalloz, vol. 121(1), pages 59-72.
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