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Comprehensive NNP, Social Welfare, and the Rate of Return

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  • Li, Chuan-Zhong

    ()
    (Department of Economics)

  • Löfgren, Karl-Gustaf

    ()
    (Department of Economics, Umeå University)

Abstract

We show that growth in NNP measured in constant prices indicates welfare improvement, provided that an observable rate of return measure is positive. This is an alternative welfare interpretation of growth in comprehensive NNP compared with that of Asheim and Weitzman (2001, this journal) which is based on a Divisia con- sumer price index.

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Bibliographic Info

Paper provided by Umeå University, Department of Economics in its series Umeå Economic Studies with number 640.

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Length: 8 pages
Date of creation: 27 Sep 2004
Date of revision: 04 Dec 2006
Publication status: Published in Economic Letters, 2006, pages 254-259.
Handle: RePEc:hhs:umnees:0640

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Postal: Department of Economics, Umeå University, S-901 87 Umeå, Sweden
Phone: 090 - 786 61 42
Fax: 090 - 77 23 02
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Web page: http://www.econ.umu.se/
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Keywords: Comprehensive NNP; welfare measurement; the rate of return;

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References

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  1. Asheim,G.B. & Weitzman,M.L., 2001. "Does NNP growth indicate welfare improvement?," Memorandum, Oslo University, Department of Economics 02/2001, Oslo University, Department of Economics.
  2. Weitzman, Martin L, 2001. " A Contribution to the Theory of Welfare Accounting," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 103(1), pages 1-23, March.
  3. Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "Evaluating Projects and Assessing Sustainable Development in Imperfect Economies," Working Papers, Fondazione Eni Enrico Mattei 2003.109, Fondazione Eni Enrico Mattei.
  4. Dasgupta, Partha & M Ler, Karl-G Ran, 2000. "Net national product, wealth, and social well-being," Environment and Development Economics, Cambridge University Press, vol. 5(01), pages 69-93, February.
  5. Weitzman, Martin L, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 90(1), pages 156-62, February.
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Cited by:
  1. Heal, Geoffrey & Kristrom, Bengt, 2008. "A note on national income in a dynamic economy," Economics Letters, Elsevier, Elsevier, vol. 98(1), pages 2-8, January.
  2. Chuan-Zhong Li & Gunnar Isacsson, 2012. "Valuing urban accessibility and air quality in Sweden," Empirical Economics, Springer, Springer, vol. 42(3), pages 881-898, June.
  3. Li, Chuan-Zhong & Isacsson, Gunnar, 2009. "Valuing urban accessibility and air quality in Sweden: A regional welfare analysis," Working Paper Series, Uppsala University, Department of Economics 2009:2, Uppsala University, Department of Economics.

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