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Social Accounting and Welfare Measurement in a Growth Model with Human Capital

Author

Listed:
  • Aronsson, Thomas
  • Lofgren, Karl-Gustaf

Abstract

This paper addresses social accounting and welfare measurement in an economy where human capital is an important factor in the economic system. Human capital accumulation depends on the time consumers spend in education. However, human capital is also a separate argument in the production function facing firms, which gives rise to a production externality. In a command optimum, where the externality is internalized, the authors show that an augmented net national product measure is the appropriate welfare indicator. They also discuss the tax-transfer system required for the decentralized economy to reach a command optimum. Copyright 1996 by The editors of the Scandinavian Journal of Economics.

Suggested Citation

  • Aronsson, Thomas & Lofgren, Karl-Gustaf, 1996. " Social Accounting and Welfare Measurement in a Growth Model with Human Capital," Scandinavian Journal of Economics, Wiley Blackwell, vol. 98(2), pages 185-201, June.
  • Handle: RePEc:bla:scandj:v:98:y:1996:i:2:p:185-201
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    Citations

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    Cited by:

    1. Aronsson, Thomas & Cialani, Catia & Löfgren, Karl-Gustaf, 2012. "Genuine saving and the social cost of taxation," Journal of Public Economics, Elsevier, vol. 96(1), pages 211-217.
    2. Weitzman, Martin L. & Lofgren, Karl-Gustaf, 1997. "On the Welfare Significance of Green Accounting as Taught by Parable," Journal of Environmental Economics and Management, Elsevier, vol. 32(2), pages 139-153, February.
    3. Aronsson, Thomas & Lofgren, Karl-Gustaf, 1999. "Pollution tax design and 'Green' national accounting," European Economic Review, Elsevier, vol. 43(8), pages 1457-1474, August.
    4. Tsur, Yacov & Zemel, Amos, 2006. "Welfare measurement under threats of environmental catastrophes," Journal of Environmental Economics and Management, Elsevier, vol. 52(1), pages 421-429, July.
    5. Thomas Aronsson & Karl-Gustaf Löfgren (ed.), 2010. "Handbook of Environmental Accounting," Books, Edward Elgar Publishing, number 12796, April.
    6. Aronsson, Thomas, 1998. "A note on social accounting and unemployment," Economics Letters, Elsevier, vol. 59(3), pages 381-384, June.
    7. Sjögren, Tomas, 2016. "Age Dependent Discount Rates, Time Inconsistent Behavior and Welfare Measurement," Umeå Economic Studies 934, Umeå University, Department of Economics.
    8. Thomas Aronsson & Karl-Gustaf Löfgren, 1998. "Green Accounting in Imperfect Market Economies," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 11(3), pages 273-287, April.
    9. Aronsson, Thomas, 2004. "Social Accounting and the Public Sector," Umeå Economic Studies 644, Umeå University, Department of Economics.
    10. Aronsson, Thomas, 1998. "Welfare measurement, green accounting and distortionary taxes," Journal of Public Economics, Elsevier, vol. 70(2), pages 273-295, November.
    11. Aronsson, Thomas & Thunström, Linda, 2008. "A note on optimal paternalism and health capital subsidies," Economics Letters, Elsevier, vol. 101(3), pages 241-242, December.
    12. Mino, Kazuo, 2004. "On the Generalized Weitzman's Rule," MPRA Paper 16996, University Library of Munich, Germany.
    13. Lindmark, Magnus & Acar, Sevil, 2013. "Sustainability in the making? A historical estimate of Swedish sustainable and unsustainable development 1850–2000," Ecological Economics, Elsevier, vol. 86(C), pages 176-187.

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