Net National Product as a Welfare Indicator
The question of whether changes in net national product (NNP) will measure changes in welfare is investigated in this paper. M. Weitzman (1976) demonstrated that, under specific conditions, NNP is proportional to discounted consumption. The result requires NNP to be measured in current prices in utility units. Changes in real NNP measured using given prices from a base year will not represent a complete account of welfare changes. Copyright 1994 by The editors of the Scandinavian Journal of Economics.
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Volume (Year): 96 (1994)
Issue (Month): 2 ()
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