The main purpose of this paper is to relate the empirical attempt of measuring output from the education sector to theoretical results about the welfare significance of an extended net national product (NNP) measure. We show that economic theory provides a more focused way of interpreting such...

This paper addresses social accounting and welfare measurement in an economy where human capital is an important factor in the economic system. Human capital accumulation depends on the time consumers spend in education. However, human capital is also a separate argument in the production...