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  1. (qmtdZmt/dt) (6) Where It measures the ‘change in wealth’ at time t (Dasgupta, 2001, eq 9.2).41 Here the change in quantity of the stocks of capital are multiplied by constant accounting, or shadow prices, where pit, refers to the shadow price of produced capital, hjt is the shadow price of human capital, rkt is the shadow price of natural capital, and qmt is the shadow price of technology. Here we see a connection between our accounting identity (equation 1) and the change in wealth in equations 5 and 6, this is through investment. However, equations 5 and 6 define investment more broadly. .0.1 Genuine Savings Before the World Bank began focusing explicitly on wealth estimates it had placed emphasis on a metric that proxied the change in wealth, known as Adjusted Net Savings or ‘Genuine Savings’(GS)42 .
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  2. 36Arrow et al. (2004), where Dasgupta is second author, define wealth as ‘genuine wealth is the accounting value of all capital assets, including population.’ 37In later work Weitzman (2016) expanded on this definition of wealth as an ’all-encompassing’ measure of capital and ‘Generally speaking, every possible type of capital ought to be included - to the extent that we know how to measure and evaluate at efficiency prices the associated flow of net investments’.
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  3. 41Likewise, Weitzman (2003) defines the change in wealth as net investment (Ii(t)=K̇i(t)).
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  4. 42Although it may also be referred to as “Genuine Investment” as in Arrow et al. (2004) and Clemens, 1999). The World Bank continues to provide estimates of Adjusted Net Savings.43 GS is calculated by the following equation: GS = GNI − C − δK − n(∆N) − σPol + m (7) Where Genuine Savings (GS) are derived from Gross National Income44 (GNP) minus consumption (C) (i.e., savings), the depreciation rate of produced capital (δK), the value of resource rents (n(∆N)), the value of pollution damages (σ Pol),45 and change in human capital (proxied by education expenditure, m).
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  5. 43Adjusted Net Savings are reported in World Development Indicators, with the latest available data for 2021 [Accessed February 2024].
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  6. 44The distinction between Gross National Income and Gross Domestic Product presented in Equation 1 is that GNP is GDP + net overseas income (UN, 2009, Chapter 2, 2.143) 45This is how the World Bank calcualtes GS, but this can also be seen as depreciation of natural capital and changes in health capital. In per capita terms, GS becomes gs = k̇ + kg + ps(ṡ + sg) + ph(ḣ + hg) + (FA + fag) (12) Where NX is defined as δFA and g is the population growth rate. From this equation, it is clear that GS includes capital dilution. GS is seen as a complementary indicator to ∆w and has ‘the advantage of being easy to understand’.
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  7. 47See Pillarisetti (2005) for a broader criticism of GS.
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  8. A well-defined economic theory of sustainability uses wealth as a starting point.35 For example, see the treatment of the concept in Dasgupta (2001) & Weitzman (2003) where wealth is defined broadly and comprehensively. For Dasgupta (2001) this means defining wealth as ‘as the social worth of an economy’s entire capital base’,36 while for Weitzman (2003) this means a definition of wealth where ‘the underlying ideal is to have the list of capital goods be as comprehensive as possible’.37 Dasgupta (2001) expresses an economy’s wealth at a specific point in time as: Wt = X i (pitKit) + X j (hjtHjt) + X k (rktSkt) + X m
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  9. A3 Growth rates: Averages and end points As noted in the main text, there is a difference in the data availability from both World Bank (2021) and UNEP (2018a,b).
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  10. A7 Comparison between different price deflators A final point relates to how exactly should the series should be deflated. In essence the answer to this question depends on why we are deflating. If the view is that wealth is essentially a proxy for well-being then a CPI index might be more appropriate, or if we see wealth as the foundation for future income generation than a GDP deflator might be more useful (Inklaar et al., 2023).
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  11. Agarwal, P. and A. Sawhney (2021). Sustainability and comprehensive wealth accounting: the case of india. Environment, Development and Sustainability 23, 3762–3786.

  12. Appendices A1 Measuring the Economy: past, present, and future Modern measurement of the economy dates from the mid-twentieth century. Constructed to quantify the monetary value of all goods and services entering into market exchange, Gross Domestic Product (GDP) is regarded as the ‘invention of the 20th century’ (Landefeld, 2000; Coyle, 2017; Masood, 2016).
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  13. Arrow, K. J., P. Dasgupta, L. H. Goulder, K. J. Mumford, and K. Oleson (2012, may). Sustainability and the measurement of wealth. Environment and Development Economics 17(03), 317–353.

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  24. Conceptually, this new metric (∆w) is not too dissimilar from GS per capita. Aspects that drive the change in wealth in equation 11 are represented in equation 7. However, notable differences are capital gains and the discovery of new resources, although it is possible to include capital gains (Rubio, 2004; Pezzey et al., 2006) and resource discoveries (Qasim et al., 2020) in GS estimates.
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  27. Dasgupta (2001) defines how wealth increases, namely if there is net investment in the capital stock, defined as: It = X i (pitdKit/dt) + X j (hjtdHjt/dt) + X k (rktdSkt/dt) + X m
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  32. Data to allow the construction of GDP estimates is now standardized world-wide, adding to the usefulness of this indicator (e.g., (UN, 2009). However, there is a growing recognition that maximizing year on year growth in GDP is unlikely to be an achievable and/or desirable target for the twenty-first century due to numerous negative consequences, and that sustainable development has become the key to global survival (Rockström et al., 2009, 2013; Steffen et al., 2015; Richardson et al., 2023).34 One way GDP is conventionally measured (from the expenditure side of the economy) is from the following accounting identity: GDP = C + I + G + NX (1) Where GDP is the sum of consumption (C), investment (I), Government consumption (G), and net exports (NX).
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  34. Estimates of GS have been published in the World Development Indicators since 1997 (World Bank, 1997) and World Bank estimates for GS have been made as far back as the 1970s for some countries (Hamilton 39Hicks (1946) outlined three concepts of income circulating a central definition of income that, ‘a man’s income as the maximum value which he can consume during a week, and still expect to be as well off at the end of the week as he was at the beginning.
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  78. pollution enter GDP without accounting for the social cost of pollution. Furthermore, pollution control efforts show up as a benefit to society when they are actually mitigating social costs, so called defensive expenditures (UN SNA, 2022, 2.37 & 2.38). The recent IPCC (2021) report includes dire warnings of the dangers of future climate change, which, in the main, has been a direct consequence of following a GDP maximization goal. Unsurprisingly, there is now a growing call for changes to be made to how we measure economic activity, economic development and wellbeing more generally (Stiglitz et al., 2009, 2018) and for for greater integration of economics and sustainable development (Polasky et al., 2019; White House, 2023). One avenue in which this is being expressed is through a shift in focus from measuring national income to measuring national wealth.
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  115. Whatever the purpose, while not identical, the CPI & GDP deflators provide good approximations for the other, as shown in figure 20. This is reassuring as both the World Bank (2021) and UNEP (2018a) use GDP deflators.
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  126. Yamaguchi, R., M. Islam, , and S. Managi (2022). Natural capital and wealth accounting for sustainability assessment: A global perspective. International Review of Environmental and Resource Economics 16, 431–465.
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  127. Yamaguchi, R., M. Islam, and S. Managi (2019). Inclusive wealth in the twenty-first century: a summary and further discussion of Inclusive Wealth Report 2018. 12, 101–111.

  128. Yun, S. D., B. Hutniczak, J. K. Abbott, and E. P. Fenichel (2017). Ecosystem-based management and the wealth of ecosystems. PNAS 114(25), 6539–6544.
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Cocites

Documents in RePEc which have cited the same bibliography

  1. .

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  2. The Protective Value of Estuarine and Coastal Ecosystem Services in a Wealth Accounting Framework. (2016). Barbier, Edward.
    In: Environmental & Resource Economics.
    RePEc:kap:enreec:v:64:y:2016:i:1:d:10.1007_s10640-015-9931-z.

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  3. National Accounting and the Valuation of Ecosystem Assets and Their Services. (2016). Edens, Bram ; Hein, Lars ; Obst, Carl.
    In: Environmental & Resource Economics.
    RePEc:kap:enreec:v:64:y:2016:i:1:d:10.1007_s10640-015-9921-1.

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  4. Empirical Testing of Genuine Savings as an Indicator of Weak Sustainability: A Three-Country Analysis of Long-Run Trends. (2016). Oxley, Les ; McLaughlin, Eoin ; Hanley, Nick ; Blum, Matthias ; Greasley, David.
    In: Environmental & Resource Economics.
    RePEc:kap:enreec:v:63:y:2016:i:2:d:10.1007_s10640-015-9928-7.

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  5. The inclusive wealth index. A critical appraisal. (2016). Roman, Philippe ; Thiry, Geraldine .
    In: Ecological Economics.
    RePEc:eee:ecolec:v:124:y:2016:i:c:p:185-192.

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  6. Growth of Income and Welfare in the U.S. 1979-2011. (2016). Komlos, John.
    In: CESifo Working Paper Series.
    RePEc:ces:ceswps:_5880.

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  7. The effect of institutional quality on national wealth: an examination using multiple imputation method. (2015). Sato, Masayuki ; Managi, Shunsuke ; Yang, Jue.
    In: Environmental Economics and Policy Studies.
    RePEc:spr:envpol:v:17:y:2015:i:3:p:431-453.

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  8. Revisiting the link between socio-economic development and environmental status indicators—focus on panel data. (2015). Datta, Soumyendra ; Babu, Swati Sinha .
    In: Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development.
    RePEc:spr:endesu:v:17:y:2015:i:3:p:567-586.

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  9. An environmental degradation index based on stochastic dominance. (2015). Stengos, Thanasis ; Pinar, Mehmet ; Agliardi, Elettra.
    In: Empirical Economics.
    RePEc:spr:empeco:v:48:y:2015:i:1:p:439-459.

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  10. Sustainability indicators and the shadow price of natural capital. (2015). Sato, Masayuki ; Managi, Shunsuke ; Phim, Runsinarith .
    In: MPRA Paper.
    RePEc:pra:mprapa:62612.

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  11. Creşterea economică a României între 1980 şi 2013. (2015). Stefanescu, Razvan ; Dumitriu, Ramona.
    In: MPRA Paper.
    RePEc:pra:mprapa:61592.

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  12. The New Zealand Treasurys Living Standards Framework - Exploring a Stylised Model. (2015). Karacaoglu, Girol .
    In: Treasury Working Paper Series.
    RePEc:nzt:nztwps:15/12.

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  13. Genuine Savings as an Indicator for “Weak” Sustainability: Critical Survey and Possible Ways forward in Practical Measuring. (2015). Boos, Adrian.
    In: Sustainability.
    RePEc:gam:jsusta:v:7:y:2015:i:4:p:4146-4182:d:48005.

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  14. Towards integrated social–ecological sustainability indicators: Exploring the contribution and gaps in existing global data. (2015). Polasky, Stephen ; Tallis, Heather ; Biggs, Reinette ; Reyers, Belinda ; Selomane, Odirilwe .
    In: Ecological Economics.
    RePEc:eee:ecolec:v:118:y:2015:i:c:p:140-146.

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  15. L’indice de richesse inclusive : l’économie Mainstream au-delà de ses limites, mais en deçà de la soutenabilité ?. (2015). Thiry, Geraldine ; Roman, Philippe.
    In: Discussion Papers (IRES - Institut de Recherches Economiques et Sociales).
    RePEc:ctl:louvir:2015001.

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  16. Diet quality, child health, and food policies in developing countries. (2014). Bhargava, Alok.
    In: Policy Research Working Paper Series.
    RePEc:wbk:wbrwps:7072.

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  17. Accounting for Sustainable Development over the Long-Run:Lessons from Germany. (2014). McLaughlin, Eoin ; Hanley, Nick ; Blum, Matthias.
    In: Discussion Papers in Environment and Development Economics.
    RePEc:sss:wpaper:2014-10.

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  18. On the Use of Shadow Prices for Sustainable Well-Being Measurement. (2014). munda, giuseppe.
    In: Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement.
    RePEc:spr:soinre:v:118:y:2014:i:2:p:911-918.

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  19. A general model of the innovation - subjective well-being nexus. (2014). Engelbrecht, Hans-Jurgen.
    In: Journal of Evolutionary Economics.
    RePEc:spr:joevec:v:24:y:2014:i:2:p:377-397.

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  20. Assessing future sustainability by forecast of Genuine Savings paths. (2014). Yamaguchi, Rintaro ; Sato, Masayuki ; Nishio, Masahiro ; Tokimatsu, Koji ; Ueta, Kazuhiro ; Yamguchi, Rintaro ; Yasuoka, Rieko.
    In: Environmental Economics and Policy Studies.
    RePEc:spr:envpol:v:16:y:2014:i:4:p:359-379.

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  21. A study on forecasting paths of genuine savings and wealth without and with carbon dioxide constraints: development of shadow price functions. (2014). Yasuoka, Rieko ; Nishio, Masahiro ; Tokimatsu, Koji ; Ueta, Kazuhiro .
    In: Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development.
    RePEc:spr:endesu:v:16:y:2014:i:3:p:723-745.

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  22. Towards a More Inclusive and Precautionary Indicator of Global Sustainability. (2014). Pezzey, John ; Burke, Paul ; John C. V. Pezzey, .
    In: CCEP Working Papers.
    RePEc:een:ccepwp:1410.

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  23. Securing blue wealth: The need for a special sustainable development goal for the ocean and coasts. (2014). Rickels, Wilfried ; Quaas, Martin ; van Doorn, Erik ; Matz-Luck, Nele ; Schmidt, Jorn ; Ott, Konrad ; Visbeck, Martin ; Kronfeld-Goharani, Ulrike ; Neumann, Barbara .
    In: Marine Policy.
    RePEc:eee:marpol:v:48:y:2014:i:c:p:184-191.

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  24. Towards a more inclusive and precautionary indicator of global sustainability. (2014). Pezzey, John ; Burke, Paul ; Pezzey, John C. V., ; Pezzey, John C. V., .
    In: Ecological Economics.
    RePEc:eee:ecolec:v:106:y:2014:i:c:p:141-154.

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  25. Environment and development economics 20 years on. (2014). Perrings, Charles.
    In: Environment and Development Economics.
    RePEc:cup:endeec:v:19:y:2014:i:03:p:333-366_00.

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  26. Assessing temporal trends and industry contributions to air and water pollution using stochastic dominance. (2014). Stengos, Thanasis ; Pinar, Mehmet ; agliardi, elettra.
    In: Working Papers.
    RePEc:bol:bodewp:wp981.

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  27. Environmental Sustainability and Economic Development: Cost Benefit Analysis for Sustainable Development. (2014). Xepapadeas, Anastasios.
    In: DEOS Working Papers.
    RePEc:aue:wpaper:1413.

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  28. Environmental Sustainability with a Pollution Tax. (2014). Yoon, Sang ; Lopez, Ramon.
    In: Working Papers.
    RePEc:ags:umdrwp:166244.

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  29. Establishing a sustainable development goal for oceans and coasts to face the challenges of our future ocean. (2013). Rickels, Wilfried ; Visbeck, Martin ; van Doorn, Erik ; Schmidt, Jorn ; Neumann, Barbara ; Kronfeld-Goharani, Ulrike .
    In: Kiel Working Papers.
    RePEc:zbw:ifwkwp:1847.

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  30. Genuine savings and future well-being in Germany, 1850-2000. (2013). McLaughlin, Eoin ; Hanley, Nick ; Blum, Matthias.
    In: Stirling Economics Discussion Papers.
    RePEc:stl:stledp:2013-13.

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  31. A New Index of Environmental Quality Based on Greenhouse Gas Emissions. (2013). Stengos, Thanasis ; Pinar, Mehmet ; agliardi, elettra.
    In: Working Paper series.
    RePEc:rim:rimwps:12_13.

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  32. An Investigation of Oil Curse in OECD and Non-OECD Oil Exporting Economies Using Green Measures of Income. (2013). Wossink, Ada ; Kortelainen, Mika ; Yaduma, Natina .
    In: The School of Economics Discussion Paper Series.
    RePEc:man:sespap:1321.

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  33. EEthics, Equity and the Economics of Climate Change. Paper 1: Science and Philosophy. (2013). Stern, Nicholas.
    In: GRI Working Papers.
    RePEc:lsg:lsgwps:wp84a.

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  34. Basic Structures and Political Implications of a Sustainable Welfare Model. (2013). Ahlert, Gerd ; Zieschank, Roland ; Prof. Dr. Hans Diefenbacher, ; Prof. Dr. Hans Diefenbacher, ; Prof. Dr. Hans Diefenbacher, ; Prof. Dr. Bernd Meyer, ; Prof. Dr. Bernd Meyer, .
    In: GWS Discussion Paper Series.
    RePEc:gws:dpaper:13-2.

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  35. Constructing the FEEM Sustainability Index: A Choquet-integral Application. (2013). Sostero, Matteo ; Pinar, Mehmet ; Cruciani, Caterina ; Giove, Silvio.
    In: Working Papers.
    RePEc:fem:femwpa:2013.16.

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  36. Nature, roads or hospitals? An empirical evaluation of ‘sustainable development preferences’. (2013). Atkinson, Giles ; Lazaro-Touza, Lara .
    In: Ecological Economics.
    RePEc:eee:ecolec:v:95:y:2013:i:c:p:63-72.

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  37. The Nature of Economic Development and the Economic Development of Nature. (2013). Dasgupta, Partha.
    In: Cambridge Working Papers in Economics.
    RePEc:cam:camdae:1349.

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  38. On the Foundations of Well-Being Economics and Policy. (2013). munda, giuseppe.
    In: UHE Working papers.
    RePEc:aub:uhewps:2013_01.

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  39. Sustainable Economic Growth: Structural Transformation with Consumption Flexibility. (2013). Lopez, Ramon ; Yoon, Sang Won.
    In: Working Papers.
    RePEc:ags:umdrwp:142561.

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  40. Remitter/Receiver Relations in Africa. (2013). Musumba, Mark ; Mjelde, James .
    In: 2013 Annual Meeting, August 4-6, 2013, Washington, D.C..
    RePEc:ags:aaea13:150123.

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  41. Considering future generations - sustainability in theory and practice. (2012). Carmody, Christine .
    In: Economic Roundup.
    RePEc:tsy:journl:journl_tsy_er_2012_3_3.

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  42. Intermediate inputs and economic productivity. (2012). Hepburn, Cameron ; Baptist, Simon .
    In: GRI Working Papers.
    RePEc:lsg:lsgwps:wp95.

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  43. International Trade and Sustainability: A survey. (2012). Dupuy, Louis.
    In: Larefi Working Papers.
    RePEc:laf:wpaper:cr1201.

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  44. International Trade and Sustainability: A survey. (2012). Dupuy, Louis .
    In: Larefi Working Papers.
    RePEc:laf:wpaper:201201.

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  45. International Trade and Sustainability : A survey. (2012). Dupuy, Louis.
    In: Working Papers.
    RePEc:hal:wpaper:hal-00701426.

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  46. Grundstrukturen eines nachhaltigen Wohlfahrtsmodells und Implikationen für die Politik. (2012). Ahlert, Gerd ; Prof. Dr. Bernd Meyer, ; Zieschank, Roland ; Prof. Dr. Hans Diefenbacher, ; Prof. Dr. Hans Diefenbacher, ; Prof. Dr. Hans Diefenbacher, ; Prof. Dr. Bernd Meyer, .
    In: GWS Discussion Paper Series.
    RePEc:gws:dpaper:12-6.

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  47. Beyond GDP: Methodological and measurement issues in redefining “wealth”. (2012). munda, giuseppe.
    In: UHE Working papers.
    RePEc:aub:uhewps:2012_09.

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  48. Measuring future dynamics of genuine saving with changes of population and technology: application of an integrated assessment model. (2011). Yamaguchi, Rintaro ; Sato, Masayuki ; Nishio, Masahiro ; Tokimatsu, Koji ; Ueta, Kazuhiro ; Yasuoka, Rieko.
    In: Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development.
    RePEc:spr:endesu:v:13:y:2011:i:4:p:703-725.

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  49. L’epargne nette ré-ajustée. (2011). Timbeau, Xavier ; Melonio, Thomas ; Antonin, Céline.
    In: Sciences Po publications.
    RePEc:spo:wpmain:info:hdl:2441/eu4vqp9ompqllr09hi4j70a29.

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  50. Aspects of green marketing: a prospect for Bangladesh. (2011). Mohajan, Haradhan.
    In: MPRA Paper.
    RePEc:pra:mprapa:50690.

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  51. Environmental accounting and the roles of economics. (2011). Mohajan, Haradhan ; Deb, Suman ; Rozario, Steve .
    In: MPRA Paper.
    RePEc:pra:mprapa:50687.

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