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Comprehensive NNP, Social Welfare, and the Rate of Return

Author

Listed:
  • Li, Chuan-Zhong

    () (Department of Economics)

  • Löfgren, Karl-Gustaf

    () (Department of Economics, Umeå University)

Abstract

We show that growth in NNP measured in constant prices indicates welfare improvement, provided that an observable rate of return measure is positive. This is an alternative welfare interpretation of growth in comprehensive NNP compared with that of Asheim and Weitzman (2001, this journal) which is based on a Divisia con- sumer price index.

Suggested Citation

  • Li, Chuan-Zhong & Löfgren, Karl-Gustaf, 2004. "Comprehensive NNP, Social Welfare, and the Rate of Return," Umeå Economic Studies 640, Umeå University, Department of Economics, revised 04 Dec 2006.
  • Handle: RePEc:hhs:umnees:0640
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    References listed on IDEAS

    as
    1. Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "Evaluating Projects and Assessing Sustainable Development in Imperfect Economies," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, pages 647-685.
    2. M. L. Weitzman, 1974. "On the Welfare Significance of National Product in Dynamic Economy," Working papers 125, Massachusetts Institute of Technology (MIT), Department of Economics.
    3. Martin L. Weitzman, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, Oxford University Press, vol. 90(1), pages 156-162.
    4. Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "Evaluating Projects and Assessing Sustainable Development in Imperfect Economies," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, pages 647-685.
    5. Asheim, Geir B. & Weitzman, Martin L., 2001. "Does NNP growth indicate welfare improvement?," Economics Letters, Elsevier, vol. 73(2), pages 233-239, November.
    6. Dasgupta, Partha & M Ler, Karl-G Ran, 2000. "Net national product, wealth, and social well-being," Environment and Development Economics, Cambridge University Press, vol. 5(01), pages 69-93, February.
    7. Weitzman, Martin L, 2001. " A Contribution to the Theory of Welfare Accounting," Scandinavian Journal of Economics, Wiley Blackwell, pages 1-23.
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    Citations

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    Cited by:

    1. Per Engström & Patrik Hesselius & Bertil Holmlund, 2012. "Vacancy Referrals, Job Search, and the Duration of Unemployment: A Randomized Experiment," LABOUR, CEIS, vol. 26(4), pages 419-435, December.
    2. Chuan-Zhong Li & Gunnar Isacsson, 2012. "Valuing urban accessibility and air quality in Sweden," Empirical Economics, Springer, pages 881-898.
    3. Asheim, Geir B. & Hartwick, John M., 2011. "Anomalies in green national accounting," Ecological Economics, Elsevier, vol. 70(12), pages 2303-2307.
    4. Chuan-Zhong Li & Ranjula Bali Swain, 2016. "Growth, Water Resilience, and Sustainability: A DSGE Model Applied to South Africa," Water Economics and Policy (WEP), World Scientific Publishing Co. Pte. Ltd., pages 1-23.
    5. Li, Chuan-Zhong & Bali Swain, Ranjula, 2014. "Growth, Water Resilience, and Sustainability: A DSGE Model Applied to South Africa," Working Paper Series 2014:11, Uppsala University, Department of Economics.
    6. Heal, Geoffrey & Kristrom, Bengt, 2008. "A note on national income in a dynamic economy," Economics Letters, Elsevier, vol. 98(1), pages 2-8, January.

    More about this item

    Keywords

    Comprehensive NNP; welfare measurement; the rate of return;

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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