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Real National Income

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  • Dr Martin Weale

Abstract

The concept of real national income differs from that of real domestic product. The former has to reflect the terms of trade as well as receipts of net factor income from abroad. In this paper we show how a welfare-based measure of income relies on the deflation of nominal national income by the consumption deflator, allowing a definition of income in terms of future consumption. Application of the measure to an open economy requires allowance to be made for the effects of expected changes to the terms of trade and to factor prices. We show that the measure can be aggregated satisfactorily across different countries, or different types of consumer in the same country and also demonstrate the link between capital gains and future changes to factor prices.

Suggested Citation

  • Dr Martin Weale, 2000. "Real National Income," National Institute of Economic and Social Research (NIESR) Discussion Papers 163, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:163
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    Cited by:

    1. Geir B. Asheim & Wolfgang Buchholz, 2004. "A General Approach to Welfare Measurement through National Income Accounting," Scandinavian Journal of Economics, Wiley Blackwell, vol. 106(2), pages 361-384, June.
    2. Geir Asheim, 2004. "Green national accounting with a changing population," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 23(3), pages 601-619, March.
    3. Geir B. Asheim, 2003. "Green national accounting for welfare and sustainability:A Taxonomy Of Assumptions And Results," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(2), pages 113-130, May.
    4. Asheim, Geir B. & Weitzman, Martin L., 2001. "Does NNP growth indicate welfare improvement?," Economics Letters, Elsevier, vol. 73(2), pages 233-239, November.
    5. Nicholas Oulton, 2004. "A Statistical Framework for the Analysis of Productivity and Sustainable Development," CEP Discussion Papers dp0629, Centre for Economic Performance, LSE.
    6. 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.
    7. Karen Mumford & Peter N. Smith, 2007. "The Gender Earnings Gap In Britain: Including The Workplace," Manchester School, University of Manchester, vol. 75(6), pages 653-672, December.
    8. Bekmez, Selahattin & Gokalp, M. Faysal, 2004. "Trade Liberalization and Pollution in Turkey: An Empirical Re-evaluation of Pollution Heavens Hypothesis," Conference papers 331273, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.

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