Sustainability and Technical Progress
A rigorous model connects together the following three basic concepts: (1) 'sustainability'--measuring the generalized future power of an economy to consume over time; (2) 'green NNP'--meaning a current measure of national income that subtracts off from GNP not just depreciation of capital but also, more generally, depletion of environmental assets evaluated at current efficiency prices; and (3) 'technological progress'--meaning a projection onto the future of the so-called 'Solow residual.' A simple general formula is derived. Some crude calculations suggest a possibly strong effect of the residual, which hints that the author's best present estimates of long-term sustainability may be largely driven by predictions of future technological progress. Copyright 1997 by The editors of the Scandinavian Journal of Economics.
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Volume (Year): 99 (1997)
Issue (Month): 1 (March)
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