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Department of Economics, Umeå University Umeå Economic Studies, Department of Economics, Umeå University

No 640:
Comprehensive NNP, Social Welfare, and the Rate of Return

Chuan-Zhong Li () and Karl-Gustaf Löfgren ()

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.

Keywords: Comprehensive NNP; welfare measurement; the rate of return; (follow links to similar papers)

JEL-Codes: D61; D91; Q01; (follow links to similar papers)

8 pages, September 27, 2004, Revised December 4, 2006

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This paper is published as:
Li, Chuan-Zhong and Karl-Gustaf Löfgren, (2006), 'Comprehensive NNP, Social Welfare, and the Rate of Return', Economic Letters, Vol. 90, pages 254-259



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