Word: nordhaus
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...indicator, which M.I.T.'s Samuelson calls "net economic welfare," or N.E.W., is based on a pioneering study by Yale Professors William Nordhaus and James Tobin. Basically, N.E.W. tries to measure some of the more slippery realities not included in G.N.P. In N.E.W. terms, for example, the generally higher salaries collected by city dwellers are in a real sense worth little more than the lower wages paid in the countryside, because megalopolitans must pay much more for garbage collection, crime control and other services to achieve the same level of well-being as their rural cousins. The extra cost...
ROBERT J. NORDHAUS...