Capital gains and net national product in open economies

• 成果类型: Article
• 署名作者: Asheim, GB
• 署名单位: Norwegian School of Economics (NHH)
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/0047-2727(95)01500-0
• 发表日期: 1996
• 页码: 419-434
• 关键词: net national product; open economies; Capital gains; natural resources

摘要

It is shown within a given framework that, with the world economy following an egalitarian path, the aggregate capital gains being positive is equivalent to the interest rate tending to decrease. This result is of importance for the concept of net national product in open economies. In particular, with positive aggregate capital gains, an open economy cannot sustain consuming the return on its capital stocks, since some part of the return must be used to augment the country's national wealth. It is established that a country's share of world-wide sustainable consumption equals its share of worldwide wealth.