Green national accounting: the case of Chile's mining sector
AbstractThis article uses the welfare foundations for the usual net domestic product (NDP) income measure of the traditional National Accounts System (NAS) provided by Weitzman (1976, 2000), and the propositions of Hartwick (1993) and Hamilton (1994a) to correct this measure in order to obtain a green (sustainable) measure of economic income. It estimates green measures of the economic income of Chile s mining sector for the period 1977 1996. Different methodologies regarding the valuation of mining resources are employed, and exploration expenditures in the mining sector are included to empirically estimate the green measures of income. The results clearly show that the usual income measures of the traditional NAS overestimated the economic income generated by the Chilean mining sector during the period by 20 40 per cent, and its rate of growth by 3 20 per cent. Moreover, this overestimation has increased in recent years. These empirical results are remarkably similar when different methodologies are used to calculate green measures of the mining sector s economic income. The empirical evidence produced in this work, together with the one provided by other studies, leads to the conclusion that Chile s outstanding recent economic growth has not delivered the amount of economic income recorded by its NAS, since a significant part of it corresponded to depreciation of the country s natural capital.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Environment and Development Economics.
Volume (Year): 7 (2002)
Issue (Month): 02 (May)
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- Eugenio Figueroa B. & Enrique Calfucura T., 2010. "Sustainable development in a natural resource rich economy: the case of Chile in 1985–2004," Environment, Development and Sustainability, Springer, vol. 12(5), pages 647-667, October.
- Eugenio Figueroa, B. & Enrique Calfucura, T., 2003. "Growth and green income: evidence from mining in Chile," Resources Policy, Elsevier, vol. 29(3-4), pages 165-173.
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