We prove that the change in welfare of a representative consumer is summarized by the current and expected future values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility while taking prices parametrically. This result justifies...

We prove that the change in welfare of a representative consumer is summarized by the current and expected future values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility while taking prices parametrically. This result justifies...

"The ancient counties surrounding the Weald in the SE corner of England have a strongly marked character of their own that has survived remarkably well in the face of ever-increasing population pressure. The area is, however, comparatively neglected in discussion of Roman Britain, where it is...