total factor productivity and by the capital stock per capita. These variables suffice to calculate welfare changes within a … calculate welfare gaps and growth rates in a sample of developed countries with high-quality total factor productivity and …We show that the welfare of a country's infinitely-lived representative consumer is summarized, to a first order, by …

, the change in welfare is summarized by (the present value of) the Solow productivity residual and by the growth rate of …We show that the welfare of a representative consumer can be related to observable aggregate data. To a first order … the capital stock per capita. We also show that productivity and the capital stock suffice to calculate differences in …

, the change in welfare is summarized by (the present value of) the Solow productivity residual and by the growth rate of …We show that the welfare of a representative consumer can be related to observable aggregate data. To a first order … the capital stock per capita. We also show that productivity and the capital stock suffice to calculate differences in …

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 TFP as the right summary measure of welfare (even in situations …

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 TFP as the right summary measure of welfare (even in situations …

. To a first order, welfare is summarized by total factor productivity and by the capital stock per capita. These variables …We show how to relate the welfare of a country's infinitely-lived representative consumer to observable aggregate data … suffice to calculate welfare changes within a country, as well as welfare differences across countries. The result holds …