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Misuse And Use Of National Accounts As A Welfare Indicator: Selected Analytical And Measurement Issues

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  • Markos J. Mamalakis

Abstract

Few economic relationships have been as scrutinized as that between SNA measures of national product, investment and consumption, and welfare. The present paper contrasts SNA economic production and welfare to total production and welfare within the Walrasian framework of usefulness and costliness. An evaluation of deductions and additions to the SNA made by Nordhaus‐Tobin, Zolotas, Richard and Nancy Ruggles, Kendrick, Eisner and Jorgenson‐Fraumeni, in their research on extended product and income accounts and improved indicators of welfare reveals numerous unresolved analytical and measurement issues; and reaffirms the usefulness of the SNA as a fundamental, initial, welfare indicator.

Suggested Citation

  • Markos J. Mamalakis, 1996. "Misuse And Use Of National Accounts As A Welfare Indicator: Selected Analytical And Measurement Issues," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 42(3), pages 293-320, September.
    • Handle: RePEc:bla:revinw:v:42:y:1996:i:3:p:293-320
    DOI: 10.1111/j.1475-4991.1996.tb00184.x
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    Cited by:

    1. Kerry Hickson, 2014. "The GDP Value of Twentieth-Century Health Improvements in Developed Economies: Initial Estimates for England," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 60(2), pages 385-399, June.
    2. Harris, Michael & Fraser, Iain, 2002. "Natural resource accounting in theory and practice: A critical assessment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 46(2), pages 1-54.

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