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On the Generalized Weitzman's Rule

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Author Info
Mino, Kazuo

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Abstract

Weitzman (1976) provides a foundation for net national product of a competitive economy as the annuity equivalent of the present discounted value of maximized consumption. This paper considers how Weitzman's rule should be modified if the competitive equilibrium is affected by the presence of market distortions. The paper first examines the model with external effects of capital in which there are spillovers of knowledge. The paper also studies the model with policy interventions where the policy maker seeks the second best allocation. The central concern of the paper is to elucidate the factors that generate a divergence between net national product and the welfare equivalence of maximized consumption. In discussing each model, the paper presents a typical example that has been widely discussed in the literature.

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File URL: http://mpra.ub.uni-muenchen.de/16996/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 16996.

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Date of creation: Mar 2004
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Handle: RePEc:pra:mprapa:16996

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Related research
Keywords: Weitzman's rule; net national product; externalities; policy distortions;

Find related papers by JEL classification:
D62 - Microeconomics - - Welfare Economics - - - Externalities
C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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  1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October. [Downloadable!] (restricted)
  2. Lansing, Kevin J., 1999. "Optimal redistributive capital taxation in a neoclassical growth model," Journal of Public Economics, Elsevier, vol. 73(3), pages 423-453, September. [Downloadable!] (restricted)
    Other versions:
  3. Hulten, Charles R, 1992. " Accounting for the Wealth of Nations: The Net versus Gross Output Controversy and Its Ramifications," Scandinavian Journal of Economics, Blackwell Publishing, vol. 94(0), pages S9-24, Supplemen.
  4. Hartwick, John M, 1994. " National Wealth and Net National Product," Scandinavian Journal of Economics, Blackwell Publishing, vol. 96(2), pages 253-56.
  5. Kehoe, Timothy J & Levine, David K & Romer, Paul M, 1992. "On Characterizing Equilibria of Economies with Externalities and Taxes as Solutions to Optimization Problems," Economic Theory, Springer, vol. 2(1), pages 43-68, January.
    Other versions:
  6. Pemberton, Malcolm & Ulph, David, 2001. " Measuring Income and Measuring Sustainability," Scandinavian Journal of Economics, Blackwell Publishing, vol. 103(1), pages 25-40, March. [Downloadable!] (restricted)
  7. Mino, Kazuo, 2001. "On Time Consistency in Stackelberg Differential Games," MPRA Paper 17028, University Library of Munich, Germany. [Downloadable!]
  8. Mino, Kazuo, 2001. "Optimal taxation in dynamic economies with increasing returns," Japan and the World Economy, Elsevier, vol. 13(3), pages 235-253, August. [Downloadable!] (restricted)
    Other versions:
  9. Hartwick, John M & Long, Ngo Van, 1999. "Constant Consumption and the Economic Depreciation of Natural Capital: The Nonautonomous Case," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(1), pages 53-62, February.
    Other versions:
  10. Asheim, Geir B, 1994. " Net National Product as an Indicator of Sustainability," Scandinavian Journal of Economics, Blackwell Publishing, vol. 96(2), pages 257-65.
  11. Sato, Ryuzo & Kim, Youngduk, 2002. "Hartwick's rule and economic conservation laws," Journal of Economic Dynamics and Control, Elsevier, vol. 26(3), pages 437-449, March. [Downloadable!] (restricted)
  12. John C. V. Pezzey, 2002. "Measuring Technical Progress in Gross and Net Products," Economics and Environment Network Working Papers 0202, Australian National University, Economics and Environment Network. [Downloadable!]
  13. Thomas Aronsson & Karl-Gustaf Löfgren, 1995. "National product related welfare measures in the presence of technological change: Externalities and uncertainty," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 5(4), pages 321-332, June. [Downloadable!] (restricted)
  14. Aronsson, Thomas & Lofgren, Karl-Gustaf, 1996. " Social Accounting and Welfare Measurement in a Growth Model with Human Capital," Scandinavian Journal of Economics, Blackwell Publishing, vol. 98(2), pages 185-201, June.
  15. Geir Asheim, 2002. "Green National Accounting for Welfare and Sustainability: A Taxonomy of Assumptions and Results," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  16. Weitzman, Martin L, 1997. " Sustainability and Technical Progress," Scandinavian Journal of Economics, Blackwell Publishing, vol. 99(1), pages 1-13, March. [Downloadable!] (restricted)
  17. Weitzman, Martin L, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, MIT Press, vol. 90(1), pages 156-62, February. [Downloadable!] (restricted)
    Other versions:
  18. Asheim, Geir B, 1997. " Adjusting Green NNP to Measure Sustainability," Scandinavian Journal of Economics, Blackwell Publishing, vol. 99(3), pages 355-70, September. [Downloadable!] (restricted)
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