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A Contribution to the Theory of Welfare Comparisons

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Martin L. Weitzman

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Abstract

Using 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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6988.

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Date of creation: Feb 1999
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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.
Handle: RePEc:nbr:nberwo:6988

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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, vol. 106(2), pages 327-68, May. [Downloadable!] (restricted)
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  2. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation, Yale University. [Downloadable!]
  3. William D. Nordhaus, 1995. "How Should We Measure Sustainable Income?," Cowles Foundation Discussion Papers 1101, Cowles Foundation, Yale University. [Downloadable!]
  4. Weitzman, Martin L, 1997. " Sustainability and Technical Progress," Scandinavian Journal of Economics, Blackwell Publishing, vol. 99(1), pages 1-13, March. [Downloadable!] (restricted)
  5. Boskin, Michael J, et al, 1998. "Consumer Prices, the Consumer Price Index, and the Cost of Living," Journal of Economic Perspectives, American Economic Association, vol. 12(1), pages 3-26, Winter. [Downloadable!] (restricted)
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  1. Nicholas Oulton, . "Productivity versus welfare: or, GDP versus Weitzman's NDP," Bank of England working papers 163, Bank of England. [Downloadable!]
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  2. 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. [Downloadable!] (restricted)
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