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Sustainability and Technical Progress

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Author Info
Weitzman, Martin L

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Abstract

A rigorous model connects together the following three basic concepts: (1) 'sustainability'--measuring the generalized future power of an economy to consume over time; (2) 'green NNP'--meaning a current measure of national income that subtracts off from GNP not just depreciation of capital but also, more generally, depletion of environmental assets evaluated at current efficiency prices; and (3) 'technological progress'--meaning a projection onto the future of the so-called 'Solow residual.' A simple general formula is derived. Some crude calculations suggest a possibly strong effect of the residual, which hints that the author's best present estimates of long-term sustainability may be largely driven by predictions of future technological progress. Copyright 1997 by The editors of the Scandinavian Journal of Economics.

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Article provided by Blackwell Publishing in its journal Scandinavian Journal of Economics.

Volume (Year): 99 (1997)
Issue (Month): 1 (March)
Pages: 1-13
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Handle: RePEc:bla:scandj:v:99:y:1997:i:1:p:1-13

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  1. John Pezzey & Nick Hanley & Karen Turner & Dugald Tinch, 2003. "Augmented Sustainability Measures for Scotland," Working Papers 2003_11, Department of Economics, University of Glasgow. [Downloadable!]
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  2. John C. V. Pezzey, 2001. "Exact measures of income in two capital-resource-time economies," Working Papers in Ecological Economics 0102, Australian National University, Centre for Resource and Environmental Studies, Ecological Economics Program. [Downloadable!]
  3. Toman, Michael & Pezzey, John C., 2002. "The Economics of Sustainability: A Review of Journal Articles," Discussion Papers dp-02-03, Resources For the Future. [Downloadable!]
  4. Mota, Rui Pedro & Domingos, Tiago & Martins, Victor, 2008. "Analysis of green net national product and genuine saving in Portugal, 1991 - 2005," MPRA Paper 13347, University Library of Munich, Germany. [Downloadable!]
  5. Hrubovcak, James & Vasavada, Utpal & Aldy, Joseph, 1999. "Green Technologies for a More Sustainable Agriculture," Agricultural Information Bulletins 33721, United States Department of Agriculture, Economic Research Service. [Downloadable!]
  6. Mino, Kazuo, 2004. "On the Generalized Weitzman's Rule," MPRA Paper 16996, University Library of Munich, Germany. [Downloadable!]
  7. Nicholas Oulton, . "Productivity versus welfare: or, GDP versus Weitzman's NDP," Bank of England working papers 163, Bank of England. [Downloadable!]
    Other versions:
  8. Pulido San Román, A., 2003. "Desarrollo sostenible: un reto central para el pensamiento económico," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 21, pages 203-220, Agosto. [Downloadable!] (restricted)
  9. John C. V. Pezzey, 2002. "One-sided Unsustainability Tests and NNP Measurement with Multiple Consumption Goods," Economics and Environment Network Working Papers 0208, Australian National University, Economics and Environment Network. [Downloadable!]
  10. Eugenio Figueroa B. & Enrique Calfucura T., 2002. "Depreciación del Capital Natural, Ingreso y Crecimiento Sostenible: Lecciones de la Experiencia Chilena," Working Papers Central Bank of Chile 138, Central Bank of Chile. [Downloadable!]
  11. John C. V. Pezzey, 2002. "Measuring Technical Progress in Gross and Net Products," Economics and Environment Network Working Papers 0202, Australian National University, Economics and Environment Network. [Downloadable!]
  12. Nicholas Oulton, 2004. "A Statistical Framework for the Analysis of Productivity and Sustainable Development," CEP Discussion Papers dp0629, Centre for Economic Performance, LSE. [Downloadable!]
  13. John C. V. Pezzey, 2002. "Exact Measures of Income in a Hyperbolic Economy," Economics and Environment Network Working Papers 0203, Australian National University, Economics and Environment Network. [Downloadable!]
  14. Thomas Aronsson & Karl-Gustaf Löfgren, 1998. "Green Accounting in Imperfect Market Economies," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 11(3), pages 273-287, April. [Downloadable!] (restricted)
  15. Martin L. Weitzman, 1999. "A Contribution to the Theory of Welfare Comparisons," NBER Working Papers 6988, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  16. Andrés Gómez-Lobo E., 2001. "Sustainable development and natural resource accounting in a small open economy: a methodological clarification," Estudios de Economia, University of Chile, Department of Economics, vol. 28(2 Year 20), pages 203-216, December. [Downloadable!]
  17. John C. V. Pezzey, 2001. "Sustainability Policy and Environmental Policy," Economics and Environment Network Working Papers 0104, Australian National University, Economics and Environment Network. [Downloadable!]
  18. Neumayer, Eric, 2004. "Sustainability and Well-being Indicators," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  19. Nicholas Oulton, . "Investment-specific technological change and growth accounting," Bank of England working papers 213, Bank of England. [Downloadable!]
    Other versions:
  20. John C. V. Pezzey, 2002. "A One-sided Sustainability Test With Multiple Consumption Goods," Working Papers in Ecological Economics 0201, Australian National University, Centre for Resource and Environmental Studies, Ecological Economics Program. [Downloadable!]
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