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Weak support for weak sustainability: Genuine savings and long-term wellbeing in Sweden, 1850–2000

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  • Lindmark, Magnus
  • Nguyen Thu, Huong
  • Stage, Jesper

Abstract

We study genuine savings as an indicator of long-term welfare for Sweden for the period 1850 to 2000. Sweden has developed long series of comprehensive ‘green’ national accounts for this entire period and is, therefore, interesting as a testing ground for the hypotheses linking green accounting and sustainability. We find support for the weakest of the hypotheses in the theoretical literature on weak sustainability and genuine savings, namely that genuine savings are correlated with future economic well-being. However, the stronger hypotheses in this literature are not supported: there is no one-to-one relationship between genuine savings and prosperity, there is no indication that the relationship becomes stronger for longer time horizons, or with more comprehensive savings measures. The findings suggest that genuine savings, at least as currently measured in national accounts and satellite accounts, may not be a good forward-looking indicator of future prosperity.

Suggested Citation

  • Lindmark, Magnus & Nguyen Thu, Huong & Stage, Jesper, 2018. "Weak support for weak sustainability: Genuine savings and long-term wellbeing in Sweden, 1850–2000," Ecological Economics, Elsevier, vol. 145(C), pages 339-345.
    • Handle: RePEc:eee:ecolec:v:145:y:2018:i:c:p:339-345
    DOI: 10.1016/j.ecolecon.2017.11.015
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    Cited by:

    1. Eoin McLaughlin & Cristián Ducoing & Les Oxley, 2024. "Tracing Sustainability in the Long Run: Genuine Savings Estimates 1850–2018," NBER Chapters, in: Measuring and Accounting for Environmental Public Goods: A National Accounts Perspective, National Bureau of Economic Research, Inc.
    2. 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.
    3. McGrath, Luke & Hynes, Stephen & McHale, John, 2019. "Augmenting the World Bank's estimates: Ireland's genuine savings through boom and bust," Ecological Economics, Elsevier, vol. 165(C), pages 1-1.
    4. Mota, Rui Pedro & Cunha-e-Sá, Maria A., 2019. "The Role of Technological Progress in Testing Adjusted Net Savings: Evidence from OECD Countries," Ecological Economics, Elsevier, vol. 164(C), pages 1-1.

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