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How Environmental Pollution from Fossil Fuels can be included in measures of National Accounts and Estimates of Genuine Savings

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  • Greasley, David
  • Hanley, Nicholas
  • Kunnas, Jan
  • McLaughlin, Eoin
  • Oxley, Les
  • Warde, Paul

Abstract

In this paper, we examine means to incorporate the environmental effects of fossil fuel use into national accounts and genuine savings estimates. The main focus is on the rationales for the inclusion of carbon dioxide, and its appropriate price tag. We do this in the context of the pricing of historic carbon emissions in United Kingdom over the long run (from the onset of the industrial revolution to the present). Furthermore, we examine the reasonableness of taking into account other greenhouse gases than carbon dioxide. The global effects of carbon dioxide are compared to the local detrimental effects of the production and consumption of coal in the UK.

Suggested Citation

  • Greasley, David & Hanley, Nicholas & Kunnas, Jan & McLaughlin, Eoin & Oxley, Les & Warde, Paul, 2012. "How Environmental Pollution from Fossil Fuels can be included in measures of National Accounts and Estimates of Genuine Savings," Stirling Economics Discussion Papers 2012-16, University of Stirling, Division of Economics.
  • Handle: RePEc:stl:stledp:2012-16
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    File URL: http://hdl.handle.net/1893/8956
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    References listed on IDEAS

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    1. Hamilton, Kirk & Clemens, Michael, 1999. "Genuine Savings Rates in Developing Countries," World Bank Economic Review, World Bank Group, vol. 13(2), pages 333-356, May.
    2. Fouquet, Roger, 2011. "Long run trends in energy-related external costs," Ecological Economics, Elsevier, vol. 70(12), pages 2380-2389.
    3. Sefton, J. A. & Weale, M. R., 1996. "The net national product and exhaustible resources: The effects of foreign trade," Journal of Public Economics, Elsevier, vol. 61(1), pages 21-47, July.
    4. Ackerman, Frank & Stanton, Elizabeth A., 2012. "Climate risks and carbon prices: Revising the social cost of carbon," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 6, pages 1-25.
    5. Greasley, David & Hanley, Nicholas & McLaughlin, Eoin & Oxley, Les & Warde, Paul, 2012. "Testing for long-run "sustainability": Genuine Savings estimates for B ritain, 1760-2000," Stirling Economics Discussion Papers 2012-05, University of Stirling, Division of Economics.
    6. John W. Kendrick, 1976. "The Formation and Stocks of Total Capital," NBER Books, National Bureau of Economic Research, Inc, number kend76-1, June.
    7. World Bank, 2003. "World Development Indicators 2003," World Bank Publications, The World Bank, number 13920, June.
    8. Price, Richard & Thornton, Simeon & Nelson, Stephen, 2007. "The Social Cost of Carbon and the Shadow Price of Carbon: what they are, and how to use them in economic appraisal in the UK," MPRA Paper 74976, University Library of Munich, Germany.
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    Cited by:

    1. Adrian Boos, 2015. "Genuine Savings as an Indicator for “Weak” Sustainability: Critical Survey and Possible Ways forward in Practical Measuring," Sustainability, MDPI, Open Access Journal, vol. 7(4), pages 1-37, April.

    More about this item

    Keywords

    Genuine Savings; National accounts; Fossil Fuels; Carbon Dioxide; Global Warming; Economic History; Britain;

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