We prove that the change in welfare of a representative consumer is summarized by the current and expected future … while taking prices parametrically. This result justifies TFP as the right summary measure of welfare (even in situations … (industries or firms) to aggregate welfare using readily available TFP data. Based on this finding, we compute firm and industry …

We show that the welfare of a country's infinitely-lived representative consumer is summarized, to a first order, by … total factor productivity and by the capital stock per capita. These variables suffice to calculate welfare changes within a … country, as well as welfare differences across countries. The result holds regardless of the type of production technology and …

We show that the welfare of a country's infinitely-lived representative consumer is summarized, to a first order, by … total factor productivity and by the capital stock per capita. These variables suffice to calculate welfare changes within a … country, as well as welfare differences across countries. The result holds regardless of the type of production technology and …

We prove that the change in welfare of a representative consumer is summarized by the current and expected future … while taking prices parametrically. This result justifies TFP as the right summary measure of welfare (even in situations … (industries or firms) to aggregate welfare using readily available TFP data. Based on this finding, we compute firm and industry …