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Sustainability and the measurement of wealth: further reflections

Author

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  • Arrow, Kenneth J.
  • Dasgupta, Partha
  • Goulder, Lawrence H.
  • Mumford, Kevin J.
  • Oleson, Kirsten

Abstract

The June 2012 issue of Environment and Development Economics published a symposium with considerable focus on our paper, ‘Sustainability and the measurement of wealth’. The Symposium also contained five articles in which other researchers offered valuable comments on our paper. The present note replies to those comments. It clarifies important issues and reveals how important questions relating to sustainability analysis can be fruitfully addressed within our framework. These include questions about the treatment of time, the use of shadow prices and the treatment of transnational externalities. This note also offers new theoretical results that help substantiate our earlier empirical finding that the value of human health is something very different from the value of the consumption permitted by health and survival.

Suggested Citation

  • Arrow, Kenneth J. & Dasgupta, Partha & Goulder, Lawrence H. & Mumford, Kevin J. & Oleson, Kirsten, 2013. "Sustainability and the measurement of wealth: further reflections," Environment and Development Economics, Cambridge University Press, vol. 18(4), pages 504-516, August.
    • Handle: RePEc:cup:endeec:v:18:y:2013:i:04:p:504-516_00
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    Citations

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    Cited by:

    1. Addicott, Ethan T. & Fenichel, Eli P., 2019. "Spatial aggregation and the value of natural capital," Journal of Environmental Economics and Management, Elsevier, vol. 95(C), pages 118-132.
    2. Partha Dasgupta, 2014. "Pricing climate change," Politics, Philosophy & Economics, , vol. 13(4), pages 394-416, November.
    3. Catherine Brinkley & Marjory Anne Visser, 2022. "Socioeconomic and Environmental Indicators for Rural Communities: Bridging the Scholarly and Practice Gap," Economic Development Quarterly, , vol. 36(2), pages 75-91, May.
    4. Partha Dasgupta, 2022. "The Economics of Biodiversity: Afterword," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 83(4), pages 1017-1039, December.
    5. Luke Mcgrath & Stephen Hynes & John Mchale, 2022. "Reassessing Ireland’s economic development through the lens of sustainable development [Sustainability and the measurement of wealth]," European Review of Economic History, European Historical Economics Society, vol. 26(3), pages 399-422.
    6. Yagi, Michiyuki & Managi, Shunsuke, 2018. "Shadow price of patent stock as knowledge stock: Time and country heterogeneity," Economic Analysis and Policy, Elsevier, vol. 60(C), pages 43-61.
    7. Mateusz Piwowarski & Danuta Miłaszewicz & Małgorzata Łatuszyńska & Mariusz Borawski & Kesra Nermend, 2018. "Application of the Vector Measure Construction Method and Technique for Order Preference by Similarity Ideal Solution for the Analysis of the Dynamics of Changes in the Poverty Levels in the European ," Sustainability, MDPI, vol. 10(8), pages 1-24, August.
    8. Aly, Ebrahim A. & Managi, Shunsuke, 2018. "Energy infrastructure and their impacts on societies’ capital assets: A hybrid simulation approach to inclusive wealth," Energy Policy, Elsevier, vol. 121(C), pages 1-12.
    9. Antonina Ivanova & Asim Zia & Paiman Ahmad & Mairon Bastos-Lima, 2020. "Climate mitigation policies and actions: access and allocation issues," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 20(2), pages 287-301, June.
    10. Antonina Ivanova & Asim Zia & Paiman Ahmad & Mairon Bastos-Lima, 0. "Climate mitigation policies and actions: access and allocation issues," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 0, pages 1-15.
    11. Halkos, George & Managi, Shunsuke, 2023. "New developments in the disciplines of environmental and resource economics," Economic Analysis and Policy, Elsevier, vol. 77(C), pages 513-522.
    12. Nitin Desai, 2023. "Growth Theory and Development Planning," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 21(2), pages 457-471, June.
    13. Anissa Frini & Sarah Benamor, 2018. "Making Decisions in a Sustainable Development Context: A State-of-the-Art Survey and Proposal of a Multi-period Single Synthesizing Criterion Approach," Computational Economics, Springer;Society for Computational Economics, vol. 52(2), pages 341-385, August.
    14. Gang Liu & Barbara M. Fraumeni, 2020. "A Brief Introduction to Human Capital Measures," NBER Working Papers 27561, National Bureau of Economic Research, Inc.
    15. Partha Dasgupta, 2013. "The Nature of Economic Development and the Economic Development of Nature," Cambridge Working Papers in Economics 1349, Faculty of Economics, University of Cambridge.
    16. Jablonski, Becca B.R. & Pender, John & Bauman, Allison & Rupasingha, Anil & Clark, Jill K., 2023. "Stocks of Wealth and the Value-Added Food and Agriculture Sector," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 48(3), September.
    17. Girol Karacaoglu, 2015. "The New Zealand Treasury's Living Standards Framework - Exploring a Stylised Model," Treasury Working Paper Series 15/12, New Zealand Treasury.
    18. Zugravu-Soilita, Natalia & Kafrouni, Rajwane & Bouard, Séverine & Apithy, Leïla, 2021. "Do cultural capital and social capital matter for economic performance? An empirical investigation of tribal agriculture in New Caledonia," Ecological Economics, Elsevier, vol. 182(C).
    19. Yamaguchi, Rintaro & Managi, Shunsuke, 2019. "Backward- and Forward-looking Shadow Prices in Inclusive Wealth Accounting: An Example of Renewable Energy Capital," Ecological Economics, Elsevier, vol. 156(C), pages 337-349.
    20. Liu, Gang & Fraumeni, Barbara M., 2020. "A Brief Introduction to Human Capital Measures," IZA Discussion Papers 13494, Institute of Labor Economics (IZA).
    21. Yamaguchi, Rintaro, 2020. "Available capital, utilized capital, and shadow prices in inclusive wealth accounting," Ecological Economics, Elsevier, vol. 169(C).
    22. Bazhanov, Andrei V., 2015. "Inefficiency and sustainability," Resources Policy, Elsevier, vol. 45(C), pages 210-216.
    23. Geir B. Asheim & Rintaro Yamaguchi, 2023. "Comprehensive National Accounting for Carbon Emissions," CESifo Working Paper Series 10562, CESifo.
    24. Lejla TERZIC, 2018. "The New Paradigm of Innovation Economics in the 21st Century: Solving the Enigma of Economic Growth," Romanian Journal of Economics, Institute of National Economy, vol. 46(1(55)), pages 40-59, June.

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