Intertemporal Welfare Economics in Imperfect Economies
نویسندگان
چکیده
In this article, we make three contributions: i) wealth is the correct linear indicator of welfare (defined as the present value of future utilities) if population is constant, ii) there is no need to make assumption of an optimal economy and by using the abstract notion of a resource allocation mechanism, it is possible to develop intertemporal welfare economics in imperfect economies, iii) with changing population and constant returns to scale, wealth per capita is the appropriate linear welfare indicator. JEL D6, D9, H0, O47, Q01
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