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An Inquiry into Well-Being and Destitution$
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Partha Dasgupta

Print publication date: 1995

Print ISBN-13: 9780198288350

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198288352.001.0001

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Net National Product in a Dynamic Economy

Net National Product in a Dynamic Economy

Chapter:
(p.297) *10 Net National Product in a Dynamic Economy
Source:
An Inquiry into Well-Being and Destitution
Author(s):

Partha Dasgupta (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0198288352.003.0014

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

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