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The Real Net National Product in Sustainable Development

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Author Info

  • Haradhan Kumar Mohajan

    ()
    (Premier University, Chittagong, Bangladesh)

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    Abstract

    This paper is related to social welfare and sustainability. The real NNP represents the maximized value of flow of goods and services that are produced by the productive assets of the society. It is important to investigate whether the concept of NNP can serve as an indicator of sustainability. In this paper an attempt has been taken to clarify this with theoretical calculations. The instantaneous increases in real NNP over time are an accurate indicator of true welfare improvements. The paper shows that welfare is increasing instantaneously over time if and only if real NNP is increasing instantaneously over time. It is also shown the relation between the Divisia index of real consumption prices and dynamic welfare evaluation. The paper emphasizes on optimal growth and growth without optimality, and is examined sustainability in these two cases.

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    File URL: http://kasbit.edu.pk/KBJVol4/8-The%20Real%20Net%20National%20Product%20in%20Sustainable%20Development.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: 89-103

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    Handle: RePEc:ksb:journl:v:4:y:2011:p:89-103

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

    Keywords: Real NNP; Dynamic welfare; Social Welfare and Sustainability;

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    References

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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, 2002. "Green National Accounting for Welfare and Sustainability: A Taxonomy of Assumptions and Results," CESifo Working Paper Series 827, CESifo Group Munich.
    3. John C. V. Pezzey, 2002. "One-sided Unsustainability Tests and NNP Measurement with Multiple Consumption Goods," Economics and Environment Network Working Papers 0208, Australian National University, Economics and Environment Network.
    4. Asheim, Geir & Buchholz, Wolfgang, 2003. "A General Approach to Welfare Measurement through National Income Accounting," Memorandum 32/2002, Oslo University, Department of Economics.
    5. 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.
    6. Marc Fleurbaey & Guillaume Gaulier, 2009. "International Comparisons of Living Standards by Equivalent Incomes," Scandinavian Journal of Economics, Wiley Blackwell, vol. 111(3), pages 597-624, 09.
    7. Hamilton, Kirk, 1994. "Green adjustments to GDP," Resources Policy, Elsevier, vol. 20(3), pages 155-168, September.
    8. B. Asheim, Geir, 2010. "Comparing the Welfare of Growing Economies," Memorandum 03/2010, Oslo University, Department of Economics.
    9. Geir B. Asheim, 2010. "Global welfare comparisons," Canadian Journal of Economics, Canadian Economics Association, vol. 43(4), pages 1412-1432, November.
    10. 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.
    11. 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.
    12. Withagen, Cees & B. Asheim, Geir, 1998. "Characterizing sustainability: The converse of Hartwick's rule," Journal of Economic Dynamics and Control, Elsevier, vol. 23(1), pages 159-165, September.
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    Cited by:
    1. Mohajan, Haradhan, 2011. "The NNP and Sustainability in Open Economy: Highlights on Recent World Economy and on Open Economy of Bangladesh," MPRA Paper 50673, University Library of Munich, Germany, revised 17 May 2011.

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