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A bstract It is not widely recognized that conventional measures of national income and output exclude the value of improvements in the health status of the population. The present study discusses the theory of the measurement of national income, proposes a new concept called "health income" that can be used to incorporate improvements in health status, and applies the theory to data for the United States over the 20th century. It concludes that accounting for improvements in the health status would, over the twentieth century in the United States, make a substantial difference to our measures of economic welfare. 相似文献
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This paper introduces the major ideas in Martin Weitzman's The Share Economy. It notes that a “share” economy is one in which the marginal cost of labor is less than the average cost of labor; moreover, this condition can be induced by sharing revenues or profits. According to share theory, such contracts will lead firms to create more vacancies and thereby lower the average unemployment rate. Weitzman proposes to induce more share arrangements by giving a tax preference to share-type income. 相似文献
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Forecasting stock-return variance: toward an understanding of stochastic implied volatilities 总被引:6,自引:0,他引:6
We examine the behavior of measured variances from the optionsmarket and the underlying stock market. Under the joint hypothesesthat markets are informationally efficient and that option pricesare explained by a particular asset pricing model, forecastsfrom time-series models of the stock return process should nothave predictive content given the market forecast as embodiedin option prices. Both in-sample and out-of-sample tests suggestthat this hypothesis can be rejected. Using simulations, weshow that biases inherent in the procedure we use to imply variancescannot explain this result. Thus, we provide evidence inconsistentwith the orthogonality restrictions of option pricing modelsthat assume that variance risk is unpriced. These results alsohave implications for optimum variance forecast rules. 相似文献
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Lethal model 2: the limits to growth revisited 总被引:7,自引:0,他引:7
Nordhaus WD 《布鲁金斯经济活动论文集》1992,(2):1-59
The author examines some major concerns about global economic growth from both theoretical and empirical points of view, using "the limits-to-growth debate as a reference point to understand the earlier debate about the limits to and perils of growth, and to provide some perspective about the newer debate about environmental threats." He concludes that environmental and resource constraints on economic growth should be modest over the next 50 years and that economic growth is possible providing emphasis is given to "the importance of careful scientific and policy analysis and establishing or strengthening institutions that contain incentives that are compatible with the thoughtful balancing of long-run costs and benefits of social investments." 相似文献
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