Scandinavian Working Papers in Economics

Memorandum,
Oslo University, Department of Economics

No 03/2010: Comparing the Welfare of Growing Economies

Geir B. Asheim ()
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Geir B. Asheim: Dept. of Economics, University of Oslo, Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway

Abstract: Economies that currently have the same productive capacity may implement different growth rates. This entails that it is insufficient to base international comparisons of welfare solely on current well-being, or introducing the potential for future growth in an arbitrary manner. NNP-based measures trade off current well-being and the potential for future growth in a consistent manner. This paper shows that it matters for NNP-based measures whether different growth rates in different economies are due to different technological opportunities or different social preferences for development.

Keywords: National accounting; Growth; Dynamic welfare

JEL-codes: D60; D90; O47

13 pages, February 10, 2010

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