Augmented Sustainability Measures for Scotland
AbstractWe estimate and compare two empirical measures of the weak sustainability of an economy for the first time: the change in augmented green net national product (GNNP), and the interest on augmented genuine savings (GS). Yearly calculations are given for each measure for Scotland during 1992-99. Augmentation means including, using projections to 2020, changed production possibilities enabled by exogenous technical progress or changing oil prices. The change in augmented GNNP and interest on augmented GS are both always positive, showing no sustainability problem for Scotland then, according to the assumptions underlying our weak sustainability calculations. However, the former greatly exceeds the latter, a mismatch which poses an unresolved problem with the theory. Resolving it may require respecifying the utility functions used in mainstream growth theory.
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Bibliographic InfoPaper provided by Australian National University, Economics and Environment Network in its series Economics and Environment Network Working Papers with number 0404.
Length: 33 pages
Date of creation: Jun 2004
Date of revision:
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Web page: http://een.anu.edu.au/
sustainability; Scotland; genuine savings; green NNP; augmentation;
Other versions of this item:
- John Pezzey & Nick Hanley & Karen Turner & Dugald Tinch, 2003. "Augmented Sustainability Measures for Scotland," Working Papers 2003_11, Business School - Economics, University of Glasgow.
- John C. V. Pezzey & Nick Hanley & Nick Hanley & Karen Turner & Dugald Tinch, 2003. "Augmented Sustainability Measures for Scotland," Economics and Environment Network Working Papers 0302, Australian National University, Economics and Environment Network.
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
- R13 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General Equilibrium and Welfare Economic Analysis of Regional Economies
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