A Contribution to the Theory of Welfare Comparisons
AbstractUsing only information based on current directly-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 National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6988.
Date of creation: Feb 1999
Date of revision:
Publication status: published as Weitzman, Martin L. "A Contribution To The Theory Of Welfare Accounting," Scandinavian Journal of Economics, 2001, v103(1,Mar), 1-23.
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Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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Other versions of this item:
- Martin L Weitzman, 1999. "A Contribution to the Theory of Welfare Comparisons," Harvard Institute of Economic Research Working Papers 1864, Harvard - Institute of Economic Research.
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- Weitzman, Martin L, 1997. " Sustainability and Technical Progress," Scandinavian Journal of Economics, Wiley Blackwell, vol. 99(1), pages 1-13, March.
- Karl-Göran Mäler, 1991. "National accounts and environmental resources," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 1(1), pages 1-15, March.
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- William D. Nordhaus, 1995. "How Should We Measure Sustainable Income?," Cowles Foundation Discussion Papers 1101, Cowles Foundation for Research in Economics, Yale University.
- Summers, Robert & Heston, Alan, 1991. "The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950-1988," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 106(2), pages 327-68, May.
- Nicholas Oulton, 2002.
"Productivity versus welfare: or, GDP versus Weitzman's NDP,"
Bank of England working papers
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- 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.
- John Hartwick, 2001. "National Accounting with Natural and Other Types of Capital," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(4), pages 329-341, August.
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