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Appears in Collections:Economics Working Papers
Peer Review Status: Refereed
Title: Testing for long-run "sustainability": Genuine Savings estimates for Britain, 1760-2000
Author(s): McLaughlin, Eoin
Greasley, David
Hanley, Nicholas
Oxley, Les
Warde, Paul
Citation: McLaughlin E, Greasley D, Hanley N, Oxley L & Warde P (2012) Testing for long-run "sustainability": Genuine Savings estimates for Britain, 1760-2000. Stirling Economics Discussion Paper, 2012-05.
Keywords: Genuine Savings
Economic History
JEL Code(s): Q01: Sustainable Development
Q32: Exhaustible Resources and Economic Development
Q56: Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
N13: Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: Pre-1913
N14: Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: 1913-
Issue Date: 30-Apr-2012
Date Deposited: 7-May-2012
Series/Report no.: Stirling Economics Discussion Paper, 2012-05
Abstract: Genuine Savings has been proposed as an economic indicator of sustainable development, and has been the focus of World Bank sustainability assessments for countries globally. However, whilst the theoretical basis for Genuine Savings is well-established (Arrow et al, 2011; Hamilton and Withagen, 2007; Pezzey, 2004), its ability to forecast long-run trends in well-being remains un-tested. In this paper, we take a first step towards such an assessment by constructing a time series of estimates for produced, natural and human capital for Britain over the period 1760-2000, and use them to derive estimates of Genuine Savings. The next step in the project will be to compare these Genuine Savings estimates with a range of well-being indicators to answer the question: does positive Genuine Savings predict improvements in average well-being?
Type: Working Paper
Affiliation: University of Edinburgh
University of Edinburgh
University of Canterbury
University of East Anglia

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