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How Environmental Pollution from Fossil Fuels can be included in measures of National Accounts and Estimates of Genuine Savings

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  • Greasley, David
  • Hanley, Nicholas
  • Kunnas, Jan
  • McLaughlin, Eoin
  • Oxley, Les
  • Warde, Paul

Abstract

In this paper, we examine means to incorporate the environmental effects of fossil fuel use into national accounts and genuine savings estimates. The main focus is on the rationales for the inclusion of carbon dioxide, and its appropriate price tag. We do this in the context of the pricing of historic carbon emissions in United Kingdom over the long run (from the onset of the industrial revolution to the present). Furthermore, we examine the reasonableness of taking into account other greenhouse gases than carbon dioxide. The global effects of carbon dioxide are compared to the local detrimental effects of the production and consumption of coal in the UK.

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File URL: http://hdl.handle.net/1893/8956
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Bibliographic Info

Paper provided by University of Stirling, Division of Economics in its series Stirling Economics Discussion Papers with number 2012-16.

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Date of creation: Jul 2012
Date of revision:
Handle: RePEc:stl:stledp:2012-16

Contact details of provider:
Postal: Division of Economics, University of Stirling, Stirling, Scotland FK9 4LA
Phone: +44 (0)1786 467473
Fax: +44 (0)1786 467469
Web page: http://www.econ.stir.ac.uk/
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Related research

Keywords: Britain; Economic History; Global Warming; Carbon Dioxide; Fossil Fuels; National accounts; Genuine Savings;

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  1. John W. Kendrick, 1976. "The Formation and Stocks of Total Capital," NBER Books, National Bureau of Economic Research, Inc, number kend76-1.
  2. Fouquet, Roger, 2011. "Long run trends in energy-related external costs," Ecological Economics, Elsevier, vol. 70(12), pages 2380-2389.
  3. World Bank, 2003. "World Development Indicators 2003," World Bank Publications, The World Bank, number 13920, October.
  4. Greasley, David & Hanley, Nicholas & McLaughlin, Eoin & Oxley, Les & Warde, Paul, 2012. "Testing for long-run "sustainability": Genuine Savings estimates for B ritain, 1760-2000," Stirling Economics Discussion Papers 2012-05, University of Stirling, Division of Economics.
  5. Ackerman, Frank & Stanton, Elizabeth A., 2012. "Climate risks and carbon prices: Revising the social cost of carbon," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 6(10), pages 1-25.
  6. Sefton, J. A. & Weale, M. R., 1996. "The net national product and exhaustible resources: The effects of foreign trade," Journal of Public Economics, Elsevier, vol. 61(1), pages 21-47, July.
  7. Hamilton, Kirk & Clemens, Michael, 1999. "Genuine Savings Rates in Developing Countries," World Bank Economic Review, World Bank Group, vol. 13(2), pages 333-56, May.
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