Historical wealth accounts for Britain: Progress and puzzles in measuring the sustainability of economic growth

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

Research output: Contribution to journalArticlepeer-review

17 Citations (Scopus)

Abstract

Estimates of Britain's comprehensive wealth are reported for the period 1760-2000. They include measures of produced, natural, and human capital, and illustrate the changing composition of Britain's assets over this time period. We show how genuine savings, GS (a year-on-year measure of the change in total capital and a claimed indicator of sustainable development) has evolved over time. Changes in total wealth are compared to alternative, investment-based measures of GS, including variants augmented with the value of exogenous technology. Additionally, the possible effects of population change on wealth, and the implications of including carbon-dioxide emissions in natural capital are considered.

Original languageEnglish
Pages (from-to)44-69
Number of pages26
JournalOxford Review of Economic Policy
Volume30
Issue number1
DOIs
Publication statusPublished - 2014

Keywords

  • British economic history
  • Comprehensive wealth
  • Genuine savings
  • Sustainability

ASJC Scopus subject areas

  • Economics and Econometrics
  • Management, Monitoring, Policy and Law

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