Abstract
Probably few topics in applied economics are given more attention in the media and in public debate than the growth of ‘national income’, or two related concepts, namely gross national product (GNP) and gross domestic product (GDP). All three concepts are approximate measures of how much income a country produces each year. Most people will have seen or heard claims about which country has the highest GDP per head, or the fastest growth rate of GDP and so on. At the same time there has been growing criticism of the national income concept as a measure of ‘welfare’. In the last five decades or so all the advanced countries of the world experienced historically unprecedented rates of economic growth, so that per capita real incomes soon reached levels that were way above those of the prewar period.
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