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Comprehensive NNP, Social Welfare, and the Rate of Return

  • Li, Chuan-Zhong

    ()

    (Department of Economics)

  • Löfgren, Karl-Gustaf

    ()

    (Department of Economics, Umeå University)

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.

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Paper provided by Umeå University, Department of Economics in its series Umeå Economic Studies with number 640.

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Length: 8 pages
Date of creation: 27 Sep 2004
Date of revision: 04 Dec 2006
Publication status: Published in Economic Letters, 2006, pages 254-259.
Handle: RePEc:hhs:umnees:0640
Contact details of provider: Postal: Department of Economics, Umeå University, S-901 87 Umeå, Sweden
Phone: 090 - 786 61 42
Fax: 090 - 77 23 02
Web page: http://www.econ.umu.se/
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  1. Asheim, Geir B. & Weitzman, Martin L., 2001. "Does NNP growth indicate welfare improvement?," Economics Letters, Elsevier, vol. 73(2), pages 233-239, November.
  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. Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "Evaluating Projects and Assessing Sustainable Development in Imperfect Economies," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 26(4), pages 647-685, December.
  4. Weitzman, Martin L, 2001. " A Contribution to the Theory of Welfare Accounting," Scandinavian Journal of Economics, Wiley Blackwell, vol. 103(1), pages 1-23, March.
  5. 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.
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