with shorter lives? What sort of adjustment, if any, should be made for depreciation? While GDP is still appropriate as a … both grew faster than GDP, while the aggregate depreciation rate rose. Nevertheless the aggregate capital stock grew more … slowly than GDP, and depreciation as a proportion of GDP was flat. Both official NDP and WNDP have been growing a little more …

While GDP is the appropriate measure of output, I argue that Weitzman's NDP (WNDP) - nominal net domestic product … the shift in the GDP frontier, and there is an analogous concept for WNDP, which I call total factor welfare (TFW) growth …. I calculate and compare WNDP and GDP, and TFP and TFW, for the United States in the 1990s. I find that the acceleration …