Wealth Accounting, Exhaustible Resources and Social Welfare
The empirical literature on natural resource accounting uses methods which implicitly or explicitly entail measuring changes in total resource asset value when an exhaustible resource is depleted. In contrast, the growth theoretic literature on saving, social welfare and sustainable development is built upon a central finding, that the change in real wealth (as measured by net or 'genuine' saving) is proportional to the change in social welfare. We show that the change in total wealth exceeds the change in real wealth in optimal and non-optimal models of resource-extracting economies. This suggests that the change in social welfare is over-estimated when the change in total resource asset value is used as the measure of depletion. A simple empirical exercise, using World Bank data on 'adjusted net saving', reinforces the results from theory.
Main Authors: | , |
---|---|
Format: | Journal Article biblioteca |
Language: | EN |
Published: |
2009
|
Subjects: | Sustainable Development Q010, Nonrenewable Resources and Conservation: Demand and Supply Q310, Environment and Development, Environment and Trade, Sustainability, Environmental Accounting, Environmental Equity, Population Growth Q560, |
Online Access: | http://hdl.handle.net/10986/5818 |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
id |
dig-okr-109865818 |
---|---|
record_format |
koha |
spelling |
dig-okr-1098658182023-04-12T21:01:57Z Wealth Accounting, Exhaustible Resources and Social Welfare Environmental and Resource Economics Hamilton, Kirk Ruta, Giovanni Ruta, Giovanni Sustainable Development Q010 Nonrenewable Resources and Conservation: Demand and Supply Q310 Environment and Development Environment and Trade Sustainability Environmental Accounting Environmental Equity Population Growth Q560 The empirical literature on natural resource accounting uses methods which implicitly or explicitly entail measuring changes in total resource asset value when an exhaustible resource is depleted. In contrast, the growth theoretic literature on saving, social welfare and sustainable development is built upon a central finding, that the change in real wealth (as measured by net or 'genuine' saving) is proportional to the change in social welfare. We show that the change in total wealth exceeds the change in real wealth in optimal and non-optimal models of resource-extracting economies. This suggests that the change in social welfare is over-estimated when the change in total resource asset value is used as the measure of depletion. A simple empirical exercise, using World Bank data on 'adjusted net saving', reinforces the results from theory. 2012-03-30T07:34:42Z 2012-03-30T07:34:42Z 2009 Journal Article Article de journal Artículo de revista Environmental and Resource Economics 09246460 http://hdl.handle.net/10986/5818 EN http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank |
institution |
Banco Mundial |
collection |
DSpace |
country |
Estados Unidos |
countrycode |
US |
component |
Bibliográfico |
access |
En linea |
databasecode |
dig-okr |
tag |
biblioteca |
region |
America del Norte |
libraryname |
Biblioteca del Banco Mundial |
language |
EN |
topic |
Sustainable Development Q010 Nonrenewable Resources and Conservation: Demand and Supply Q310 Environment and Development Environment and Trade Sustainability Environmental Accounting Environmental Equity Population Growth Q560 Sustainable Development Q010 Nonrenewable Resources and Conservation: Demand and Supply Q310 Environment and Development Environment and Trade Sustainability Environmental Accounting Environmental Equity Population Growth Q560 |
spellingShingle |
Sustainable Development Q010 Nonrenewable Resources and Conservation: Demand and Supply Q310 Environment and Development Environment and Trade Sustainability Environmental Accounting Environmental Equity Population Growth Q560 Sustainable Development Q010 Nonrenewable Resources and Conservation: Demand and Supply Q310 Environment and Development Environment and Trade Sustainability Environmental Accounting Environmental Equity Population Growth Q560 Hamilton, Kirk Ruta, Giovanni Ruta, Giovanni Wealth Accounting, Exhaustible Resources and Social Welfare |
description |
The empirical literature on natural resource accounting uses methods which implicitly or explicitly entail measuring changes in total resource asset value when an exhaustible resource is depleted. In contrast, the growth theoretic literature on saving, social welfare and sustainable development is built upon a central finding, that the change in real wealth (as measured by net or 'genuine' saving) is proportional to the change in social welfare. We show that the change in total wealth exceeds the change in real wealth in optimal and non-optimal models of resource-extracting economies. This suggests that the change in social welfare is over-estimated when the change in total resource asset value is used as the measure of depletion. A simple empirical exercise, using World Bank data on 'adjusted net saving', reinforces the results from theory. |
format |
Journal Article |
topic_facet |
Sustainable Development Q010 Nonrenewable Resources and Conservation: Demand and Supply Q310 Environment and Development Environment and Trade Sustainability Environmental Accounting Environmental Equity Population Growth Q560 |
author |
Hamilton, Kirk Ruta, Giovanni Ruta, Giovanni |
author_facet |
Hamilton, Kirk Ruta, Giovanni Ruta, Giovanni |
author_sort |
Hamilton, Kirk |
title |
Wealth Accounting, Exhaustible Resources and Social Welfare |
title_short |
Wealth Accounting, Exhaustible Resources and Social Welfare |
title_full |
Wealth Accounting, Exhaustible Resources and Social Welfare |
title_fullStr |
Wealth Accounting, Exhaustible Resources and Social Welfare |
title_full_unstemmed |
Wealth Accounting, Exhaustible Resources and Social Welfare |
title_sort |
wealth accounting, exhaustible resources and social welfare |
publishDate |
2009 |
url |
http://hdl.handle.net/10986/5818 |
work_keys_str_mv |
AT hamiltonkirk wealthaccountingexhaustibleresourcesandsocialwelfare AT rutagiovanni wealthaccountingexhaustibleresourcesandsocialwelfare AT rutagiovanni wealthaccountingexhaustibleresourcesandsocialwelfare AT hamiltonkirk environmentalandresourceeconomics AT rutagiovanni environmentalandresourceeconomics AT rutagiovanni environmentalandresourceeconomics |
_version_ |
1767604134907740160 |