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The model is a benchmark for investigating the welfare properties of financial systems.
For instance, Hatton (2004) adopts a standard social planner approach, while Facchini et al. (2006) study the welfare properties of policy coordination in a representative democracy framework.
The distinction between value added and gross output that naturally arises in this context is of key importance to explore the welfare properties of the model economy.
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It advocates on behalf of people deemed to lack the capacity to make decisions about their own welfare, property or finances.
Over the longer term, however, the main growth has been in education, finance, government, and insurance; the communications sector; health and welfare; property and business services, including legal services; and tourism and recreation.
Actuaries' insurance disciplines include life insurance; health insurance; Pensions, annuities, and asset management; social welfare programs; property insurance; casualty and general insurance; and reinsurance, to name some.
The annual household income was defined as the aggregate of household income from production (10 categories), wage incomes of household members, transfer income (gifts, pensions, remittances, welfare) and property income (interest, rent)[ 20].
The welfare estimates used properties from all of Aarhus municipality (see Table 3).
The EPA alleged that as a result of the fire, the atmosphere in the La Trobe Valley became noxious and harmful or potentially harmful to people's health, welfare, safety or property.
And this month the Environment Protection Agency brought 12 air pollution charges against companies that operate the mine, including that they polluted the atmosphere to such an extent it was "harmful or potentially harmful to the health, welfare, safety or property of human beings".
The liberated town required rules on how it would stay liberated, and though still relying heavily on the goodwill of its citizens to create welfare and respect property rights, a ruling council was made responsible for creating schools and daycare centres to service the generation born within their borders.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com