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Augmented Sustainability Measures for Scotland

  • John C. V. Pezzey

    ()

    (Australian National University, Centre for Resource and Environmental Studies)

  • Nick Hanley

    ()

    (University of Sterling, Department of Economics)

  • Karen Turner

    (University of Strathclyde, Fraser of Allander Institute)

  • Dugald Tinch

    (University of Stirling, Department of Economics)

We estimate and compare two empirical measures of the weak sustainability of an economy for the first time: the change in augmented green net national product (GNNP), and the interest on augmented genuine savings (GS). Yearly calculations are given for each measure for Scotland during 1992-99. Augmentation means including, using projections to 2020, changed production possibilities enabled by exogenous technical progress or changing oil prices. The change in augmented GNNP and interest on augmented GS are both always positive, showing no sustainability problem for Scotland then, according to the assumptions underlying our weak sustainability calculations. However, the former greatly exceeds the latter, a mismatch which poses an unresolved problem with the theory. Resolving it may require respecifying the utility functions used in mainstream growth theory.

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File URL: http://een.anu.edu.au/download_files/een0404.pdf
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Paper provided by Australian National University, Economics and Environment Network in its series Economics and Environment Network Working Papers with number 0404.

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Length: 33 pages
Date of creation: Jun 2004
Date of revision:
Handle: RePEc:anu:eenwps:0404
Contact details of provider: Web page: http://een.anu.edu.au/

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  8. Hamilton, Kirk & Clemens, Michael, 1999. "Genuine Savings Rates in Developing Countries," World Bank Economic Review, World Bank Group, vol. 13(2), pages 333-56, May.
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  10. Geir B. Asheim, 2003. "Green national accounting for welfare and sustainability:A Taxonomy Of Assumptions And Results," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(2), pages 113-130, 05.
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  12. Pemberton, Malcolm & Ulph, David, 2001. " Measuring Income and Measuring Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 103(1), pages 25-40, March.
  13. David Pearce, 2003. "The Social Cost of Carbon and its Policy Implications," Oxford Review of Economic Policy, Oxford University Press, vol. 19(3), pages 362-384.
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  16. Vincent, Jeffrey R. & Panayotou, Theodore & Hartwick, John M., 1997. "Resource Depletion and Sustainability in Small Open Economies," Journal of Environmental Economics and Management, Elsevier, vol. 33(3), pages 274-286, July.
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