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Some Unpleasant Natural Resource Accounting Arithmetic: Notes Towards an Impossibility Theorem

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  • Harris, Michael

Abstract

Natural resource accounting has been the subject of much recent attention, both from economic theorists, and from govcmment agencies seeking to redefine the way national income is measured in practice. The implicit objective seems t.o be one of generating a more accurate measure of tme changes in economic well being resulting from production and resource-use decisions. Formally speaking, we would like to link. a backward-looking measure of income (consumption plus change in wealth) and a forward-looking measure of income (sustainable consumption). In this paper, I analyse a simple example of a resource-dependent economy, and conclude that it seems in general no index number of "environmentally adjusted'' national income will fulfil such an objective. Regardless of how well environmental adjustment of national income is carried out, the welfare and sustainability implications of economic growth are ambiguous.

Suggested Citation

  • Harris, Michael, 1996. "Some Unpleasant Natural Resource Accounting Arithmetic: Notes Towards an Impossibility Theorem," 1996 Conference (40th), February 11-16, 1996, Melbourne, Australia 156396, Australian Agricultural and Resource Economics Society.
    • Handle: RePEc:ags:aare96:156396
    DOI: 10.22004/ag.econ.156396
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    File URL: https://ageconsearch.umn.edu/record/156396/files/1996-04-12-14.pdf
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    Cited by:

    1. Harris, Michael & Fraser, Iain, 2002. "Natural resource accounting in theory and practice: A critical assessment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 46(2), pages 1-54.

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