This paper shows that the welfare of a country's representative consumer can be measured using just two variables: current and future total factor productivity and 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 the degree of market competition. It applies to open economies as well...
Vea más
INFORMACIÓN
-
2012/04/01
-
Documento de trabajo sobre investigaciones relativas a políticas
-
WPS6026
-
1
-
1
-
2012/04/01
-
Disclosed
-
Productivity and the welfare of nations
-
tax need