We develop a framework for analyzing national income accounting using a revealed welfare approach that is sufficiently general to cover, e.g., both the standard discounted utilitarian and maximin criteria as special cases. We show that the basic welfare properties of comprehensive national...

This paper summarizes assumptions made and results obtained in parts of the literature on welfare and sustainability accounting. I consider five different assumptions that can be imposed independently of each other, producing 32 different combinations. This taxonomy is used to organize results...

In this chapter, we review the concept of national income and the economic theory of national income accounting. There are two building blocks – the ideas of Fisher, Lindahl, Hicks about income as an expenditure level that can be continued into the future, and the concept of income as a...

How can national income be adjusted to indicate welfare improvement if the future is uncertain? The present paper extends the definition of national income to stochastic settings on the basis of discounted utilitarian welfare function. Real interest rate of consumption is redefined so that real...

We develop a framework for analyzing national income accounting using a revealed welfare approach that is sufficiently general to cover, e.g., both the standard discounted utilitarian and maximin criteria as special cases. We show that the basic welfare properties of comprehensive national...

In the literature of comprehensive national accounts, national net investments are used to indicate dynamic welfare improvement in an economy. A well-known approach associates national net investments with the shadow value of change in stock of capital assets in an economy. Following this...

The paper continues the author's work on a general theory for the aggregation of prices and quantities in relation to the money metric. The focus here is on the National Income and Product Accounts (NIPAs). It is shown that the measures that are currently being produced are seriously defective....

This paper summarizes assumptions made and results obtained in parts of the literature on welfare and sustainability accounting. I consider five different assumptions that can be imposed independently of each other, producing 32 different combinations. This taxonomy is used to organize results...

We consider the question of how to integrate carbon emissions in comprehensive national accounts for the purpose of indicating whether countries’ development is sustainable. We derive an expression for national saving which includes not only the national effect of current global emissions, but...

We consider the question of how to integrate carbon emissions in comprehensive national accounts for the purpose of indicating whether countries' development is sustainable. We derive an expression for national saving which includes not only the national effect of current global emissions, but...