This paper establishes the theoretically appropriate definition and treatment of capital gains and depletion. Failure to distinguish capital gains on natural assets from depletion causes NNP to me mismeasured. For resource rich countries this can lead to large spurious fluctuations in NNP. In contrast, when depletion is measured correctly, NNP is no more volatile than GNP and provides a better indicator of both short term economic performance and long term sustainability.
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Paper provided by New South Wales - School of Economics in its series Papers with number
99/9.
Length: 31 pages Date of creation: 1999 Date of revision: Handle: RePEc:fth:nesowa:99/9
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