w12.
Net Economic Welfare, described in David Begg, Stanley Fischer and Rüdiger Dornbusch (1984), Economics. See also William D. Nordhaus and James Tobin’s Measure of Economic Welfare (MEW) in “Is Growth Obsolete?” National Bureau of Economic Research, Fiftieth Anniversary Colloquium, 1973, available at www.nber.org/chapters/c3621.pdf .