Ok, but note that this depends crucially on whether you decide that your utility looks more like log(GDP), or more like (GDP)^0.1, say. I don’t know how we can be confident that it is one and not the other.
Ok, but note that this depends crucially on whether you decide that your utility looks more like log(GDP), or more like (GDP)^0.1, say. I don’t know how we can be confident that it is one and not the other.