Basu, Susanto; Pascali, Luigi; Schiantarelli, Fabio; … - 2012
We show that the welfare of a country's infinitely-lived representative consumer is summarized, to a first order, by … the degree of market competition. It applies to open economies as well, if total factor productivity is constructed using … domestic absorption, instead of gross domestic product, as the measure of output. It also requires that total factor …