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- Title
Accounting for the Wealth of Nations: The Net versus Gross Output Controversy and its Ramifications.
- Authors
Hulten, Charles R.
- Abstract
There has been a longstanding controversy over the use of net versus gross measures of national product in accounting for economic growth, most recently reflected in several papers which have examined the role of environmental variables. It is argued in this paper that the two measures are not substitutes, but complements which reveal different aspects of the growth process: gross product is the correct output concept for estimating the structure of production, while net product is the correct concept for measuring the welfare consequences of economic growth. An alternative to the conventional Solow growth accounting framework is then presented in which the change in national wealth is decomposed into its component elements.
- Subjects
GROSS national product; ECONOMIC development; ACCOUNTING; PRODUCTION (Economic theory); WEALTH; ECONOMICS
- Publication
Scandinavian Journal of Economics, 1992, Vol 94, pS9
- ISSN
0347-0520
- Publication type
Article
- DOI
10.2307/3440242