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...
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INFORMATION
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2012/04/01
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Document de travail de recherche sur les politiques
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WPS6026
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1
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1
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2012/04/01
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Disclosed
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Productivity and the welfare of nations
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tax need
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