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A utilitarian measure of economic growth combines changes in the distribution of income with changes in real income per person to show how much better off people are becoming over time. It is the rate of growth of the dollar value of average utility of income. As such , it is seen differently by...
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In this chapter, we review the concept of national income and the economic theory of national income accounting. There …-order approximations as an income measure. After reviewing this body of theory and the connections between the concepts, we suggest …
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