What is the income of each sector of an economy? E.g., in the case of a country endowed with petroleum resources, what … is the income of its petroleum sector? Here we present a definition of sectoral income, which is compatible with an … important line of theoretical literature on comprehensive national accounting. We do so first by splitting national income into …

In this chapter, we review the concept of national income and the economic theory of national income accounting. There … are two building blocks – the ideas of Fisher, Lindahl, Hicks about income as an expenditure level that can be continued … into the future, and the concept of income as a welfare measure that emerges from the welfare economics and general …

How can national income be adjusted to indicate welfare improvement if the future is uncertain? The present paper … extends the definition of national income to stochastic settings on the basis of discounted utilitarian welfare function. Real … interest rate of consumption is redefined so that real national income can be interpreted as the expected present value of real …

We develop a framework for analyzing national income accounting using a revealed welfare approach that is sufficiently … welfare properties of comprehensive national income accounting, which were previously ascribed only to the discounted …