Green adjustments to GDP

Hamilton, Kirk

doi:10.1016/0301-4207(94)90048-5

Cited by 194 publications

(146 citation statements)

References 10 publications

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“…That movements in wealth should be used to judge the sustainability of development paths was proposed by Pearce and Atkinson (1993), who defined sustainable development to be an economic path along which (comprehensive) wealth does not decline (see also Hamilton, 1994). Although the Pearce-Atkinson definition was not founded on the more basic notion of intergenerational well-being, the paper influenced a bold program of research at the World Bank's Vice Presidency for Environmentally Sustainable Development, where researchers sought to estimate the composition of the wealth of nations and their movements over time (Serageldin and Steer, 1994;Serageldin, 1996;World Bank, 1997).…”

Section: Wealth and Well-beingmentioning

confidence: 99%

Sustainability and the Measurement of Wealth

et al. 2010

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We develop a consistent and comprehensive theoretical framework for assessing whether economic growth is compatible with sustaining well-being over time. The framework focuses on whether a comprehensive measure of wealth -one that accounts for natural capital and human capital as well as reproducible capital -is maintained through time. Our framework also integrates population growth, technological change, and changes in health. We apply the framework to five countries that differ significantly in stages of development and resource bases: the United States, China, Brazil, India, and Venezuela. With the exception of Venezuela, significant increases in human capital enable comprehensive wealth to be maintained (and sustainability to be achieved) despite significant reductions in the natural resource base. We find that the value of "health capital" is very large relative to other forms of capital. As a result, its growth rate critically influences the growth rate of per-capita comprehensive wealth.

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Section: Wealth and Well-beingmentioning

confidence: 99%

Sustainability and the Measurement of Wealth

et al. 2010

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“…This was addressed by Hartwick (1977), who derived the intuitive rule that the rents from non-renewable resource depletion should be reinvested in produced capital 2 . This can be generalised into a WS rule, which requires that total net capital investment, or in other words the rate of change of total net capital wealth, not be allowed to be persistently negative (Hamilton, 1994). Total net capital investment includes gross investment in all forms of capital that can be feasibly measured, minus depreciation or capital consumption.…”

Section: Weak Versus Strong Sustainabilitymentioning

confidence: 99%

“…This is at least a necessary, if insufficient, condition for the attainment of WS. The 'genuine' saving (GS) indicator (Hamilton, 1994), which equals eaNNP minus consumption (C), applies this saving rule:…”

Section: Environmentally-adjusted Net Product and Genuine Savingmentioning

confidence: 99%

Weak and strong sustainability in the SEEA: Concepts and measurement

Dietz

Neumayer

2007

Ecological Economics

355

153

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In this paper, we explain how the latest international handbook on environmental accounting, the System of Integrated Environmental and Economic Accounting or SEEA (United Nations et al., 2003), can be used to measure weak and strong sustainability. We emphasise the importance of understanding the conceptual differences between weak and strong sustainability. We then outline what we consider to be current best practice in measurement, all the time flagging the relationship between our discussion and that of the SEEA-2003. This is an important task in our view, because, despite covering a very wide range of relevant conceptual and empirical issues, the handbook is by design not meant to provide clear guidelines for the purpose of measuring sustainability in either its weak or strong version.2

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“…Hamilton, 1994) in the presence of population growth. "Genuine savings" must be zero along the constant per capita 13 consumption path that is optimal under maximin.…”

Section: Part (C) Since Z(t) = ν(T)x(t) It Follows From (4) Thaṫmentioning

confidence: 99%

Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints

Asheim

Buchholz

Hartwick

et al. 2007

Journal of Environmental Economics and Management

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In the Dasgupta-Heal-Solow-Stiglitz model of capital accumulation and resource depletion we show the following equivalence: If an efficient path has constant (gross and net of population growth) savings rates, then population growth must be quasi-arithmetic and the path is a maximin or a classical utilitarian optimum. Conversely, if a path is optimal according to maximin or classical utilitarianism (with constant elasticity of marginal utility) under quasiarithmetic population growth, then the (gross and net of population growth) savings rates converge asymptotically to constants. JEL Code: Q10, Q32.

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Green adjustments to GDP

Cited by 194 publications

References 10 publications

Sustainability and the Measurement of Wealth

Sustainability and the Measurement of Wealth

Weak and strong sustainability in the SEEA: Concepts and measurement

Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints

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