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. The 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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