that the income component in the index only role is to distort the allocation between health and education expenditure …. Because the income component does not play its intended role of securing resources for a decent standard of living, we argue … that it is better to drop income from the index in considering optimal plans. Alternatively, we consider net income, income …

-international flows of capital are now significantly sensitive to changes in income, and to expected changes in income, in different … changing levels of income, a shift from fixed to flexible exchange rates will have less effect in increasing the domestic …