Scandinavian Working Papers in Economics

Umeå Economic Studies,
Umeå University, Department of Economics

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

Chuan-Zhong Li () and Karl-Gustaf Löfgren ()
Additional contact information
Chuan-Zhong Li: Department of Economics, Postal: Uppsala University, S-751 20 Uppsala, Sweden
Karl-Gustaf Löfgren: Department of Economics, Umeå University, Postal: S 901 87 Umeå, Sweden

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

JEL-codes: D61; D91; Q01

8 pages, First version: September 27, 2004. Revised: December 4, 2006.

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Published as
Chuan-Zhong Li 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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