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One-sided Unsustainability Tests and NNP Measurement with Multiple Consumption Goods

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  • John C. V. Pezzey

    ()
    (Australian National University, Centre for Resource and Environmental Studies
    University of Bath, Department of Economics)

Abstract

In an economy with multiple consumption goods (including environmental amenities) that uniquely maximises the present value of utility with constant or falling augmented green net national product, or zero or negative augmented investment, at any time implies that the economy is unsustainable then. "Augmented" means that time is included as a productive stock, which incorporates future exogenous technical progress and changes in world prices in a unified accounting framework. Examples are given of calculating accounting prices for multiple goods. The practical and philosophical rationale for testing sustainability in a present-value maximising, and therefore fully prescribed, development path is discussed.

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File URL: http://een.anu.edu.au/download_files/een0208.pdf
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Bibliographic Info

Paper provided by Australian National University, Economics and Environment Network in its series Economics and Environment Network Working Papers with number 0208.

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Length: 39 pages
Date of creation: Apr 2002
Date of revision:
Handle: RePEc:anu:eenwps:0208

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Web page: http://een.anu.edu.au/

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Keywords: sustainability; net investment; net national product; optimality; green accounting;

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References

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  1. John M. Hartwick, 1990. "Natural Resources, National Accounting and Economic Depreciation," Working Papers 771, Queen's University, Department of Economics.
  2. Asheim, Geir B., 1996. "Capital gains and net national product in open economies," Journal of Public Economics, Elsevier, vol. 59(3), pages 419-434, March.
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  4. Martin L. Weitzman, 1970. "Aggregation and Disaggregation in the Pure Theory of Capital and Growth: A New Parable," Cowles Foundation Discussion Papers 292, Cowles Foundation for Research in Economics, Yale University.
  5. Asheim, Geir B. & Weitzman, Martin L., 2001. "Does NNP growth indicate welfare improvement?," Economics Letters, Elsevier, vol. 73(2), pages 233-239, November.
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  19. Asheim, Geir B, 1997. " Adjusting Green NNP to Measure Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 99(3), pages 355-70, September.
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Cited by:
  1. Geir B. Asheim, 2003. "Green national accounting for welfare and sustainability:A Taxonomy Of Assumptions And Results," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(2), pages 113-130, 05.
  2. Haradhan Kumar Mohajan, 2011. "The Real Net National Product in Sustainable Development," KASBIT Journal of Management & Social Science, Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 4, pages 89-103, December.
  3. Asheim,G.B. & Buchholz,W., 2000. "The Hartwick rule : myths and facts," Memorandum 11/2000, Oslo University, Department of Economics.
  4. repec:ksb:journl:v:4:y:2011:i:1:p:89-103 is not listed on IDEAS

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