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National Wealth and NNP and Natural Resources and National Wealth and NNP

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  • Hartwick, John M.

Abstract

Corresponding to current national wealth as discounted future optimal consumption (Weitzman [19761) we observe current national wealth to be the value of net accumulated stocks of capital. It follows that NNP can be interpreted as interest on national wealth. A constant value of wealth implies no net investment and NNP equals the value of consumption, the Hicksian notion of "income".

Suggested Citation

  • Hartwick, John M., 1993. "National Wealth and NNP and Natural Resources and National Wealth and NNP," Queen's Institute for Economic Research Discussion Papers 275226, Queen's University - Department of Economics.
    • Handle: RePEc:ags:queddp:275226
    DOI: 10.22004/ag.econ.275226
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    References listed on IDEAS

    as
    1. R. M. Solow, 1974. "Intergenerational Equity and Exhaustible Resources," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(5), pages 29-45.
    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. Hartwick, John M., 1992. "Endogenous growth with public education," Economics Letters, Elsevier, vol. 39(4), pages 493-497, August.
    4. Hung, N.M., 1992. "Natural Resources, National Accounting, and Economic Depreciation: Stock Effects," Papers 92-02, Laval - Recherche en Energie.
    5. Eisner, Robert, 1988. "Extended Accounts for National Income and Product," Journal of Economic Literature, American Economic Association, vol. 26(4), pages 1611-1684, December.
    6. Pindyck, Robert S, 1978. "The Optimal Exploration and Production of Nonrenewable Resources," Journal of Political Economy, University of Chicago Press, vol. 86(5), pages 841-861, October.
    7. Martin L. Weitzman, 1976. "On the Welfare Significance of National Product in a Dynamic Economy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 90(1), pages 156-162.
    8. Cropper, M. L., 1976. "Regulating activities with catastrophic environmental effects," Journal of Environmental Economics and Management, Elsevier, vol. 3(1), pages 1-15, June.
    9. 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.
    10. John W. Hartwick, 1991. "Notes on Economic Depreciation of Natural Resource Stocks and National Accounting," Working Paper 818, Economics Department, Queen's University.
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