GDP, technical change, and the measurement of net income
Subtitle: the Weitzman model revisited
By: Charles R. Hulten, Paul Schreyer
Contributors: Schreyer, Paul; National Bureau of Economic Research
Series: NBER working paper series -- working paper 16010; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16010.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "We show how technical change, measured as a shift in the GDP function, is combined with net income to track welfare change.  This provides a bridge between the productivity literature and the welfare-related literature that tends to reason in terms of net product functions: although the relevant income measure is net of depreciation, productivity is measured based on gross output.  We show that net product, net income, net expenditure and productivity change are complements, not substitutes.  We also examine whether holding gains and losses should be part of depreciation and conclude that in a general equilibrium setting, either productivity change or holding gains should be part of an extended Weitzman-type net income measure, but not both"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 5/27/2010.

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