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Wealth, Welfare and Sustainability

Advances in Measuring Sustainable Development
Kirk Hamilton, Lead Environmental Economist, Environmental Economics and Policy, The World Bank, Washington DC, US and Giles Atkinson, Professor of Environmental Policy, Department of Geography and Environment and Associate, Grantham Research Institute on Climate Change and the Environment, London School of Economics and Political Science, UK
This important book presents fresh thinking and new results on the measurement of sustainable development.

Economic theory suggests that there should be a link between future wellbeing and current wealth. This book explores this linkage under a variety of headings: population growth, technological change, deforestation and natural resource trade. While the relevant theory is presented briefly, the chief emphasis is on empirical measurement of the change in real wealth: this measure of net or ‘genuine’ saving is a key indicator of sustainable development. The methodological and empirical work is bolstered by tests of the predictive power of genuine saving in explaining future consumption and economic growth. Just as importantly, the authors show that many resource-abundant countries would be considerably wealthier today had they managed to save and invest the profits from natural resource exploitation in the past.
Extent: 224 pp
Hardback Price: £77.00 Online: £69.30
Publication Date: 2006
ISBN: 978 1 84376 576 9
Availability: In Stock
Paperback Price: £27.00 Online: £21.60
Publication Date: 2008
ISBN: 978 1 84844 175 0
Availability: In Stock
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  • Economics and Finance
  • Environmental Economics
  • Valuation
  • Environment
  • Environmental Economics
  • Valuation
This important book presents fresh thinking and new results on the measurement of sustainable development.

Economic theory suggests that there should be a link between future wellbeing and current wealth. This book explores this linkage under a variety of headings: population growth, technological change, deforestation and natural resource trade. While the relevant theory is presented briefly, the chief emphasis is on empirical measurement of the change in real wealth: this measure of net or ‘genuine’ saving is a key indicator of sustainable development. The methodological and empirical work is bolstered by tests of the predictive power of genuine saving in explaining future consumption and economic growth. Just as importantly, the authors show that many resource-abundant countries would be considerably wealthier today had they managed to save and invest the profits from natural resource exploitation in the past.

Wealth, Welfare and Sustainability will be of great interest to environmental and resource economists, specialists in ‘sustainability’ indicators from other disciplines and also development and growth economists.
Contents: Preface 1. Introduction 2. Wealth and Social Welfare 3. Population Growth and Sustainability 4. Testing Genuine Saving 5. Resources, Growth and the ‘Paradox of Plenty’ 6. A Hartwick Rule Counterfactual 7. Deforestation: Accounting for a Multiple-Use Resource 8. Accounting for Technological Change 9. Resource Price Trends and Prospects for Development 10. International Flows of Resource Rents 11. Summary and Conclusions References Index