In the absence of perfect certainty, the futures prices needed for making the requisite wealth-like comparisons are simply unavailable. So it would be difficult to make operational the theorist’s desired measures. But operational practicality aside, if the theorist specifies in detail the dynamic technology of his model, he will meet none of the pitfalls that come from an attempt to summarize his model by various crude aggregations. The contradictions that result from over-crude aggregation should never be confused with the technical relations that hold at the firm and family level or with the market capitalizations which hold in competitive security and asset markets.
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About Paul Samuelson
Paul Samuelson was a 20th-century American economist and nobel laureate. Paul Anthony Samuelson was an American economist who was the first American to win the Nobel Memorial Prize in Economic Sciences. When awarding the prize in 1970, the Swedish Royal Academies stated that he "has done more than any other contemporary economist to raise the level of scientific analysis in economic theory". Read more on Wikipedia →