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The Evaluation of National Income in an Imperfect Economy

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  • JAMES A. MIRRLEES

    (University of Oxford)

Abstract

In this paper, I shall discuss how national income should be measured in an 'imperfect' economy, where feasible policy instruments such as taxes, tariffs, quotas, and quantitative controls do not operate in a lumpsum manner, and may be far from their optimum level. In particular, I want to exarqine the meaning of liational income, and its parts, when they are measured in terms of 'world prices'; or, more precisely and more generally, in terms of the accounting prices that might be computed as a guide to particular production decisions, in the public sector and elsewhere. I have found this set of questions confusing, and it may be that others do too, and will welcome an attempt at clarification.

Suggested Citation

  • James A. Mirrlees, 1969. "The Evaluation of National Income in an Imperfect Economy," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 9(1), pages 1-13.
  • Handle: RePEc:pid:journl:v:9:y:1969:i:1:p:1-13
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    Cited by:

    1. Amartya Sen, 2003. "Sraffa, Wittgenstein, and Gramsci," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1240-1255, December.
    2. Partha Dasgupta, 2013. "The Nature of Economic Development and the Economic Development of Nature," Cambridge Working Papers in Economics 1349, Faculty of Economics, University of Cambridge.
    3. Dasgupta, Partha, 2010. "The Place of Nature in Economic Development," Handbook of Development Economics, Elsevier.

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