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| Author: | Dasgupta S. Mitra T. |
| Title: | On the welfare significance of national product for economic growth and sustainable development |
| Journal: | Japanese Economic Review
1999 : DEC, VOL. 50:4, p. 422-442 |
| Index terms: | Welfare Gross national product Growth Sustainable development |
| Language: | eng |
| Abstract: | This paper formulates an investment value transversality condition in continuous-time growth model. This model characterizes competitive paths along which current net national product measures the welfare achieved along the path. There is an example provided showing that, in general, competitive paths do not necessarily satisfy this condition. It is also shown that, in a standard growth model incl. exhaustible resource as essential factor of production, competitive paths always satisfy this condition. Implications regarding national income accounting procedures and sustainable development policies are discussed. |
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