IDEAS home Printed from https://ideas.repec.org/p/cla/najeco/122247000000000844.html
   My bibliography  Save this paper

The Concept of Income in a General Equilibrium

Author

Abstract

This paper derives a concept of aggregate real income for a competitive economy in general equilibrium consisting of heterogeneous infinitely lived people and relates it to current and future consumption possibilities. An important characteristic of our measure of income, which we call Real Income, is that deflation is carried out using a consumption deflator rather than any price index of output. We suggest that it may be inappropriate to regard capital gains as income. We also present a coherent treatment of the effects of changes to the terms of trade on Real Income and explain the implications of this for resource-exporting economies. Copyright 2006, Wiley-Blackwell.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • J Sefton & M Weale, 2005. "The Concept of Income in a General Equilibrium," NajEcon Working Paper Reviews 122247000000000844, www.najecon.org.
  • Handle: RePEc:cla:najeco:122247000000000844
    as

    Download full text from publisher

    File URL: http://www.najecon.org/v7.htm
    File Function: brief review and links to paper
    Download Restriction: no

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Cairns, Robert D., 2008. "Value and income," Ecological Economics, Elsevier, vol. 66(2-3), pages 417-424, June.
    2. van der Ploeg, Frederick, 2010. "Why do many resource-rich countries have negative genuine saving?: Anticipation of better times or rapacious rent seeking," Resource and Energy Economics, Elsevier, vol. 32(1), pages 28-44, January.
    3. Frederick van der Ploeg, 2011. "Natural Resources: Curse or Blessing?," Journal of Economic Literature, American Economic Association, vol. 49(2), pages 366-420, June.
    4. Diane Dawson & Hugh Gravelle & Mary O'Mahony & Andrew Street & Martin Weale & Adriana Castelli & Rowena Jacobs & Paul Kind & Pete Loveridge & Stephen Martin & Philip Stevens & Lucy Stokes, 2005. "Developing new approaches to measuring NHS outputs and productivity," Working Papers 006cherp, Centre for Health Economics, University of York, revised Dec 2005.
    5. Susanto Basu & Luigi Pascali & Fabio Schiantarelli & Luis Serven, 2012. "Productivity and the Welfare of Nations," Working Papers 621, Barcelona Graduate School of Economics.
    6. Kiyohiko G. Nishimura & Junko Ishikawa, 2017. "Understanding Macroeconomic Statistics: An “Ideal-Type†Economy Approach," CARF F-Series CARF-F-424, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    7. Partha Dasgupta, 2009. "The Welfare Economic Theory of Green National Accounts," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 42(1), pages 3-38, January.
    8. repec:eee:resene:v:51:y:2018:i:c:p:18-27 is not listed on IDEAS
    9. Frederick van der Ploeg, 2007. "Genuine Saving and the Voracity Effect," Economics Working Papers ECO2007/38, European University Institute.
    10. Hillinger, Claude, 2008. "Measuring Real Value and Inflation," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 2, pages 1-26.
    11. Geir Asheim & Taoyuan Wei, 2009. "Sectoral Income," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 42(1), pages 65-87, January.
    12. van der Ploeg, Frederick, 2006. "Challenges and Opportunities for Resource Rich Economies," CEPR Discussion Papers 5688, C.E.P.R. Discussion Papers.
    13. Susanto Basu & Luigi Pascali & Fabio Schiantarelli & Luis Serven, 2012. "Productivity and the Welfare of Nations," Working Papers 621, Barcelona Graduate School of Economics.
    14. Asheim, Geir B. & Hartwick, John M., 2011. "Anomalies in green national accounting," Ecological Economics, Elsevier, vol. 70(12), pages 2303-2307.
    15. Charles R. Hulten & Paul Schreyer, 2010. "GDP, Technical Change, and the Measurement of Net Income: the Weitzman Model Revisited," NBER Working Papers 16010, National Bureau of Economic Research, Inc.
    16. Taoyuan Wei, 2012. "Capital Gains and Income Arising from Nonrenewable Resources," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 52(2), pages 293-300, June.
    17. Birčiaková, Naďa & Antošová, Veronika & Stávková, Jana, 2013. "Has the level of achieved education affected the income of Czech households," MPRA Paper 48846, University Library of Munich, Germany.
    18. Frederick van der Ploeg, 2009. "Rapacious Resource Depletion and Excessive Investment Fuelled by Rival Factions and Insecure Property Rights," OxCarre Working Papers 016, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    19. Bram Edens, 2013. "Depletion: Bridging the Gap Between Theory and Practice," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 54(3), pages 419-441, March.
    20. Geir Asheim, 2013. "A Distributional Argument for Supply-Side Climate Policies," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 56(2), pages 239-254, October.
    21. Mota, Rui Pedro & Domingos, Tiago & Martins, Victor, 2010. "Analysis of genuine saving and potential green net national income: Portugal, 1990-2005," Ecological Economics, Elsevier, vol. 69(10), pages 1934-1942, August.
    22. Frederick Van der Ploeg, 2010. "Rapacious Resource Depletion, Excessive Investment and Insecure Property Rights," CESifo Working Paper Series 2981, CESifo Group Munich.
    23. Heal, Geoffrey & Kristrom, Bengt, 2008. "A note on national income in a dynamic economy," Economics Letters, Elsevier, vol. 98(1), pages 2-8, January.
    24. Hulten, Charles R., 2010. "Growth Accounting," Handbook of the Economics of Innovation, Elsevier.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cla:najeco:122247000000000844. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (David K. Levine). General contact details of provider: http://www.najecon.org/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.