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A Contribution to the Theory of Welfare Comparisons

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  • Martin L Weitzman

Abstract

Using only information based on currently-observable market behavior, the paper shows how to make rigorous dynamic welfare comparisons among economies or economic situations having arbitrarily-different endowments and technologies,but sharing a common dynamic preference ordering. The correct answers to seemingly complicated questions, which intrinsically involve comparing wealth-like measures of dynamic well-being, can be translated isomorphically into a simple-minded story told in the familiar language of old-fashioned static consumer-welfare theory.

Suggested Citation

  • Martin L Weitzman, 1999. "A Contribution to the Theory of Welfare Comparisons," Harvard Institute of Economic Research Working Papers 1864, Harvard - Institute of Economic Research.
    • Handle: RePEc:fth:harver:1864
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    Cited by:

    1. Nicholas Oulton, 2004. "Productivity Versus Welfare; Or GDP Versus Weitzman's NDP," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 50(3), pages 329-355, September.
    2. John Hartwick, 2001. "National Accounting with Natural and Other Types of Capital," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 19(4), pages 329-341, August.

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