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Wealth, Welfare and Sustainability
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Wealth, Welfare and Sustainability

Advances in Measuring Sustainable Development

9781843765769 Edward Elgar Publishing
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, London School of Economics and Political Science, UK
Publication Date: 2006 ISBN: 978 1 84376 576 9 Extent: 224 pp
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.

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Contents
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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
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
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