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Measuring National Income and Growth in Resource-Rich, Income-Poor Countries

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  • Kirk Hamilton
  • Eduardo Ley

Abstract

GDP, the leading economic measurement, is outdated and misleading. . . . It’s like grading a corporation based on today’s cash flow and forgetting to depreciate assets and other costs. – Joseph Stiglitz, “Good Numbers Gone Bad,” Fortune, October 2, 2006.
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Suggested Citation

  • Kirk Hamilton & Eduardo Ley, 2010. "Measuring National Income and Growth in Resource-Rich, Income-Poor Countries," World Bank Publications - Reports 11081, The World Bank Group.
  • Handle: RePEc:wbk:wboper:11081
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    References listed on IDEAS

    as
    1. Lange, Glenn-Marie & Wright, Matthew, 2004. "Sustainable development in mineral economies: the example of Botswana," Environment and Development Economics, Cambridge University Press, vol. 9(4), pages 485-505, August.
    2. Hamilton, Kirk & Clemens, Michael, 1999. "Genuine Savings Rates in Developing Countries," The World Bank Economic Review, World Bank Group, vol. 13(2), pages 333-356, May.
    3. 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.
    4. Atkinson, Giles & Hamilton, Kirk, 2003. "Savings, Growth and the Resource Curse Hypothesis," World Development, Elsevier, vol. 31(11), pages 1793-1807, November.
    5. 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.
    6. Ferreira, Susana & Vincent, Jeffrey R, 2005. "Genuine Savings: Leading Indicator of Sustainable Development?," Economic Development and Cultural Change, University of Chicago Press, vol. 53(3), pages 737-754, April.
    7. Susana Ferreira & Kirk Hamilton & Jeffrey R. Vincent, 2008. "Comprehensive Wealth and Future Consumption: Accounting for Population Growth," The World Bank Economic Review, World Bank Group, vol. 22(2), pages 233-248, May.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Canuto, Otaviano & Cavallari, Matheus, 2012. "Natural Capital and the Resource Curse," World Bank - Economic Premise, The World Bank, issue 83, pages 1-6, May.
    2. World Bank, 2012. "Liberia : Inclusive Growth Diagnostics," World Bank Publications - Reports 12609, The World Bank Group.

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    More about this item

    Keywords

    Macroeconomics and Economic Growth - Investment and Investment Climate Banks and Banking Reform Economic Theory and Research Private Sector Development - Emerging Markets Finance and Financial Sector Development - Islamic Finance;

    JEL classification:

    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • Q3 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy

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