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Net National Product as a Welfare Indicator

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  • Brekke, Kjell Arne

Abstract

The question of whether changes in net national product (NNP) will measure changes in welfare is investigated in this paper. M. Weitzman (1976) demonstrated that, under specific conditions, NNP is proportional to discounted consumption. The result requires NNP to be measured in current prices in utility units. Changes in real NNP measured using given prices from a base year will not represent a complete account of welfare changes. Copyright 1994 by The editors of the Scandinavian Journal of Economics.

Suggested Citation

  • Brekke, Kjell Arne, 1994. "Net National Product as a Welfare Indicator," Scandinavian Journal of Economics, Wiley Blackwell, vol. 96(2), pages 241-252.
    • Handle: RePEc:bla:scandj:v:96:y:1994:i:2:p:241-52
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    Cited by:

    1. Gowdy, John, 2005. "Toward a new welfare economics for sustainability," Ecological Economics, Elsevier, vol. 53(2), pages 211-222, April.
    2. Nick Hanley & Louis Dupuy & Eoin McLaughlin, 2015. "Genuine Savings And Sustainability," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 779-806, September.
    3. Harris, M., 2000. "Some Unpleasant Natural Resource Accounting Arithmetic: The Welfare Inconsitency of," Department of Economics - Working Papers Series 765, The University of Melbourne.
    4. Sefton, J. A. & Weale, M. R., 1996. "The net national product and exhaustible resources: The effects of foreign trade," Journal of Public Economics, Elsevier, vol. 61(1), pages 21-47, July.
    5. 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.
    6. Huhtala, Anni & Toppinen, Anne & Boman, Mattias, 2003. "When the theory is not enough - valuation of forest resources with "efficiency" prices in practice," Journal of Forest Economics, Elsevier, vol. 9(3), pages 205-222.
    7. Huhtala, Anni, 1999. "Optimizing production technology choices: conventional production vs. recycling," Resource and Energy Economics, Elsevier, vol. 21(1), pages 1-18, January.

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