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| Author: | Sefton, J. Weale, M. |
| Title: | the net national product and exhaustible resources: the effects of foreign trade |
| Journal: | Journal of Public Economics
1996 : JUL, VOL. 61:1, p. 21-48 |
| Index terms: | INTERNATIONAL TRADE ECONOMICS INCOMES |
| Language: | eng |
| Abstract: | It is the widely held view that estimates of national income should be corrected for the value of the extracted exhaustible resource stock. This correction implies the counter-intuitive result that the national income of an oil producer is unaffected by its vast oil reserves. In this paper the authors review the definition of national income , and discuss its relation to national welfare. The authors show that an extra income should be imputed to the resource-owning country based on the exportable resource stock. |
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