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Natural Resource Accounting and Sustainability

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  • Michael Common

Abstract

The recent emergence of concern for sustainability, or sustainable development, has lead to a renewed interest in the adequacy of national income accounts for monitoring economic performance. It has been argued that natural resource accounting is needed, and that national income accounting conventions need modifying. The paper reviews this background and argument, and distinguishes several types of natural resource accounting. It is noted that adjustment of measures of national income requires valuation, and that with respect to sustainability objectives market and surrogate market prices are inappropriate. It is argued that the pursuit of sustainability requires modelling rather than historical accounting. Some recent, unofficial, attempts at revising national income data to reflect sustainability concerns are critically reviewed. Finally, data requirements for ecological sustainability are considered.

Suggested Citation

  • Michael Common, 1991. "Natural Resource Accounting and Sustainability," The Economic and Labour Relations Review, , vol. 2(1), pages 89-121, June.
    • Handle: RePEc:sae:ecolab:v:2:y:1991:i:1:p:89-121
    DOI: 10.1177/103530469100200107
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    References listed on IDEAS

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    1. William D. Nordhaus & James Tobin, 1973. "Is Growth Obsolete?," NBER Chapters, in: The Measurement of Economic and Social Performance, pages 509-564, National Bureau of Economic Research, Inc.
    2. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, vol. 67(5), pages 972-974, December.
    3. Perrings,Charles, 1987. "Economy and Environment," Cambridge Books, Cambridge University Press, number 9780521340816.
    4. Partha Dasgupta & Geoffrey Heal, 1974. "The Optimal Depletion of Exhaustible Resources," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(5), pages 3-28.
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    Cited by:

    1. Wills, Ian R., 1992. "Implementing Sustainable Development: Systems and Signalling Problems," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 60(02), pages 1-7, August.
    2. Serhiy Ostapchuk & Nataliya Tsaruk, 2019. "Accounting for Water, Land and Biological Assets in the Context of Sustainable Development Management: The Choice of a Main Meter," Oblik i finansi, Institute of Accounting and Finance, issue 2, pages 36-47, June.

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