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The Evaluation of National Income in an Imperfect Economy

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  • JAMES A. MIRRLEES

    (University of Oxford)

Abstract

In this paper, I shall discuss how national income should be measured in an 'imperfect' economy, where feasible policy instruments such as taxes, tariffs, quotas, and quantitative controls do not operate in a lumpsum manner, and may be far from their optimum level. In particular, I want to exarqine the meaning of liational income, and its parts, when they are measured in terms of 'world prices'; or, more precisely and more generally, in terms of the accounting prices that might be computed as a guide to particular production decisions, in the public sector and elsewhere. I have found this set of questions confusing, and it may be that others do too, and will welcome an attempt at clarification.

Suggested Citation

  • James A. Mirrlees, 1969. "The Evaluation of National Income in an Imperfect Economy," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 9(1), pages 1-13.
    • Handle: RePEc:pid:journl:v:9:y:1969:i:1:p:1-13
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    File URL: http://www.pide.org.pk/pdf/PDR/1969/Volume1/1-13.pdf
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    Cited by:

    1. Amartya Sen, 2003. "Sraffa, Wittgenstein, and Gramsci," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1240-1255, December.
    2. Dasgupta, Partha, 2010. "The Place of Nature in Economic Development," Handbook of Development Economics, in: Dani Rodrik & Mark Rosenzweig (ed.), Handbook of Development Economics, edition 1, volume 5, chapter 0, pages 4977-5046, Elsevier.
    3. Giuseppe Pennisi & Pasquale L. Scandizzo, 2006. "Economic Evaluation in the age of Uncertainty," CEIS Research Paper 86, Tor Vergata University, CEIS.
    4. Partha Dasgupta, 1989. "Well-Being: Foundations, and the Extent of its Realization in Poor Countries," WIDER Working Paper Series wp-1989-080, World Institute for Development Economic Research (UNU-WIDER).
    5. Partha Dasgupta, 2013. "The Nature of Economic Development and the Economic Development of Nature," Cambridge Working Papers in Economics 1349, Faculty of Economics, University of Cambridge.

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