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Where is the Wealth of Nations? Measuring Capital for the 21st Century

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  • World Bank

Abstract

The book presents estimates of total wealth for nearly 120 countries, using economic theory to decompose the wealth of a nation into its component pieces: produced capital, natural resources and human resources. The wealth estimates aims to provide a unique opportunity to look at economic management from a broader and comprehensive perspective. The book's basic tenet is that economic development can be conceived as a process of portfolio management, so that sustainability becomes an integral part of economic policy making. The rigorous analysis, presented in accessible format, tackles issues such as growth, development and equity. This publication is organized in four sections. The first part introduces the wealth estimates and highlights the main facts on the level and composition of wealth across countries. The second part analyzes changes in wealth and how they matter for economic policy. The third part deals with the level of wealth, its composition and links to growth and inequality. The fourth part reviews existing applications of resource and environmental accounting.

Suggested Citation

  • World Bank, 2005. "Where is the Wealth of Nations? Measuring Capital for the 21st Century," World Bank Publications, The World Bank, number 7505, July.
  • Handle: RePEc:wbk:wbpubs:7505
    as

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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/7505/348550REVISED0101Official0use0ONLY1.pdf?sequence=1
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    References listed on IDEAS

    as
    1. Martin L. Weitzman, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, Oxford University Press, vol. 90(1), pages 156-162.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Quamrul H. Ashraf & David N. Weil & Joshua Wilde, 2013. "The Effect of Fertility Reduction on Economic Growth," Population and Development Review, The Population Council, Inc., vol. 39(1), pages 97-130, March.
    2. Quamrul H. Ashraf & Ashley Lester & David N. Weil, 2009. "When Does Improving Health Raise GDP?," NBER Chapters,in: NBER Macroeconomics Annual 2008, Volume 23, pages 157-204 National Bureau of Economic Research, Inc.
    3. repec:eee:jrpoli:v:52:y:2017:i:c:p:114-121 is not listed on IDEAS
    4. Gundimeda, Haripriya & Sukhdev, Pavan & Sinha, Rajiv K. & Sanyal, Sanjeev, 2007. "Natural resource accounting for Indian states -- Illustrating the case of forest resources," Ecological Economics, Elsevier, vol. 61(4), pages 635-649, March.
    5. Kenneth Kuttner & Adam Posen, 2011. "How Flexible Can Inflation Targeting Be and Still Work?," Department of Economics Working Papers 2011-10, Department of Economics, Williams College, revised Sep 2011.
    6. Ohanian, Lee E. & Restrepo-Echavarria, Paulina & Wright, Mark L. J., 2013. "Bad Investments and Missed Opportunities? Capital Flows to Asia and Latin America, 1950-2007," Working Papers 2014-38, Federal Reserve Bank of St. Louis, revised 16 May 2017.
    7. R. Tinch & J. J├Ąger & I. Omann & P. Harrison & Julia Wesely & Rob Dunford, 2015. "Applying a capitals framework to measuring coping and adaptive capacity in integrated assessment models," Climatic Change, Springer, vol. 128(3), pages 323-337, February.

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