Person:

Jorgenson, Dale

I. Introduction, 416.--II. The dynamic input-output system, 420.--III. Stability of the dynamic input-output system: investment policy, 423.--IV. Stability of the dynamic input-output system: output policy, 430.--V. Summary and conclusion, 434.

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In this paper we evaluate the impact of the Tax Reform Act of 1986 on U.S. economic growth. We first calculate effective tax rates on income from capital employed in corporate, noncorporate, and household sectors. We then project the future growth of the U.S. economy with and without the 1986 tax reform. We find that much of the potential gain in welfare was dissipated through failure to index the income tax base for inflation. The most promising avenue for future reform is to include income from household assets in the tax base, while reducing tax rates on business income.

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No abstract provided.

There are few comprehensive studies of household consumption in China that covers all commodities due to data restrictions. This prevents the calculation of inequality indices based on consumption. This lack of coverage also makes analysis of policies that affect consumption difficult; economy-wide models used for analysis often have to employ simple consumption forms with unit income elasticities. We estimate a translog demand system distinguished by demographic characteristics, giving price and income elasticities that should be useful for policy analysis. We estimate separate functions for urban and rural households using household expenditure data and detailed commodity prices (1995–2006). This allows future analysis of social welfare and inequality based on consumption to supplement existing studies based on income. To illustrate an application of the model, we project consumption composition based on projected prices, incomes and demographic changes – aging, education improvement and urbanization.

While the agenda of “beyond GDP” encompasses measurements that lie outside boundaries of the , key aspects of individual well‐being and social welfare can be incorporated into an SNA framework. We bring together the relevant theoretical literature and the empirical tools needed for this purpose. We show how consumption‐based measures of economic welfare can be integrated into the national accounts without changing their production or asset boundary. At the same time, explicit normative and methodological choices are required to select a social welfare function. The paper provides guidance how to make these choices transparent and how to present social welfare measures.