- (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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- 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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- 41Likewise, Weitzman (2003) defines the change in wealth as net investment (Ii(t)=K̇i(t)).
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- 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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- 43Adjusted Net Savings are reported in World Development Indicators, with the latest available data for 2021 [Accessed February 2024].
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- 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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- 47See Pillarisetti (2005) for a broader criticism of GS.
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- 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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- 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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- 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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Agarwal, P. and A. Sawhney (2021). Sustainability and comprehensive wealth accounting: the case of india. Environment, Development and Sustainability 23, 3762–3786.
- 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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- 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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- 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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- 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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- NC % 0 100 200 300 400 UN Implicit Price Deflator - USD % R-squared=0.1496 UN deflators Figure 21: Different GDP deflators from World Bank and UN databases dollars, 2005”. The World Bank research team outline how ‘a country specific GDP deflator is used for all natural capital components to bring the nominal values to constant 2018 US dollars at market exchange rates.’ However, it is unclear what deflator was used by the UNEP research team. UN (2023) database reports implicit price deflators in national currencies and in US dollars. If it is the former, then it is almost identical to what is used in the CWON, if it is the latter there would be a significant divergence.
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- New discoveries of a non-renewable resource can be included as negative depreciation (eg (Pezzey et al., 2006), whilst capital gains and losses from changes in world prices for net exporters/importers of natural resources can also be accounted for (van der Ploeg, 2011; Vincent, 1997; Asheim, 1986).
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