Adhami, Mohamad; Bils, Mark; Jones, Charles I.; Klenow, … - National Bureau of Economic Research - 2023
people as well as their standard of living. We decompose social welfare growth -- measured in consumption-equivalent (CE …) units -- into contributions from rising population and rising per capita consumption. Because of diminishing marginal … utility from consumption, population growth is scaled up by a value-of-life factor that exceeds one and empirically averages …