Chapter

Real National Income as a Measure of General Well‐Being

Partha Dasgupta

in An Inquiry into Well-Being and Destitution

Published in print June 1995 | ISBN: 9780198288350
Published online November 2003 | e-ISBN: 9780191596094 | DOI: http://dx.doi.org/10.1093/0198288352.003.0009
 Real National Income as a Measure of General Well‐Being

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The main part of this chapter discusses decentralization and central guidance in relation to resource allocation. There are seven sections: (1) competitive mechanisms in the private realm; (2) the existence of competitive equilibrium; (3) competitive markets and efficiency; (4) the implementation of just allocations in the private realm; (5) pluralism and exchange restrictions (exchange control) in the public realm; (6) producer versus consumer taxation; and (7) national income in a pluralist society. An extra and separate section (designated Chapter *7) gives a theoretical presentation on real national income as a measure of general well-being.

Keywords: allocation; centralization; competition; competitive equilibrium; decentralization; efficiency; exchange control; market competition; national income; pluralism; private sector; public sector; taxation; well-being

Chapter.  2316 words. 

Subjects: Economic Development and Growth

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