This paper is concerned with the measurement of aggregate growth rates, where the
aggregation is over time. The paper demonstrates that any mechanical procedures for
computing aggregate growth rate has welfare implications, and value judgments implicit
in various commonly used procedures are not appealing. A new procedure suggested
in the paper captures all the essential properties of a welfare function. The methodology
of the paper is applied to an analysis of growth rates of per capita GNP of 83 developing
countries during the 1970-1987 period.