Welfare measurement and the national accounts. ESRI Memorandum Series 109

Kennedy, Kieran A. (1975) Welfare measurement and the national accounts. ESRI Memorandum Series 109. [Policy Paper]

PDF - Published Version Download (390Kb)

Abstract

The stated objective of the author is "to lay a bridge between income accounting and welfare theory". There are two contrasting ways of pursuing this objective. The first, in the realm of pure theory, examines the relationship between welfare and hypothetical, perfect measures of national product, while the second lies in the domain of national income accounting with attempts to redefine concepts, extend data coverage and improve measurement. Professor Romans’s attempt at bridge-building begins in the realm of theory with the construction of a welfare maximisa tion model designed to establish the conditions in which it can be asserted without ambiguity that net national product and welfare are moving in the same direetion.

Actions (login required)