A Contribution to the Theory of Welfare Comparisons
AbstractUsing only information based on currently-observable market behavior, the paper shows how to make rigorous dynamic welfare comparisons among economies or economic situations having arbitrarily-different endowments and technologies,but sharing a common dynamic preference ordering. The correct answers to seemingly complicated questions, which intrinsically involve comparing wealth-like measures of dynamic well-being, can be translated isomorphically into a simple-minded story told in the familiar language of old-fashioned static consumer-welfare theory.
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Bibliographic InfoPaper provided by Harvard - Institute of Economic Research in its series Harvard Institute of Economic Research Working Papers with number 1864.
Date of creation: 1999
Date of revision:
Other versions of this item:
- Martin L. Weitzman, 1999. "A Contribution to the Theory of Welfare Comparisons," NBER Working Papers 6988, National Bureau of Economic Research, Inc.
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- Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
- Nicholas Oulton, 2004.
"Productivity Versus Welfare; Or GDP Versus Weitzman's NDP,"
Review of Income and Wealth,
International Association for Research in Income and Wealth, vol. 50(3), pages 329-355, 09.
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