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.
General
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