Chapter

Net National Product in a Dynamic Economy

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/10.1093/0198288352.003.0014
 Net National Product in a Dynamic Economy

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The main part of this chapter discusses poverty in relation to the environmental resource base. It has ten sections; (1) the resource basis of rural production; (2) the characteristics of environmental resources, which are here treated as renewable natural resources; (3) needs, stress, and carrying capacity: land and water; (4) environmental shadow prices, project evaluation, and net national product (NNP); (5) markets and their failure: unidirectional and reciprocal externalities; (6) property rights on land; (7) public failure and the erosion of local commons; and (8) work allocation among women and children and the desirable locus of environmental decisions. An extra and separate section (designated Chapter *10) gives theoretical presentations on four aspects of the net national product in a dynamic economy: (1) the economics of optimal control; (2) NNP in a deterministic environment; (3) the current‐value Hamiltonian as a measure of sustainable well‐being (sustainable development); and (4) future uncertainty.

Keywords: carrying capacity; child labour; commons; current‐value Hamiltonian; externalities; female labour; land; market failure; natural resources; net national product; NNP; poverty; production; property rights; renewable resources; rural economy; rural production; shadow prices; sustainable development; water resources; well‐being; work allocation

Chapter.  4538 words. 

Subjects: Economic Development and Growth

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