Economic Progress (1949)
We cannot simply assume that output, or output per head, is a measure of economic progress. An increase in output, statistically measured by a weighted index of physical output, may easily be accompanied by a decline in economic welfare if the increased output is necessitated by a declining durability of capital or by a declining efficiency of utilisation.
"Income or Welfare," Review of Economic Studies, 1949-50; Collected Papers Vol. I, p. 271.
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