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Comparing augmented sustainability measures for Scotland: Is there a mismatch?

Citation

Pezzey, J and Hanley, N and Turner, K and Tinch, DR, Comparing augmented sustainability measures for Scotland: Is there a mismatch?, Ecological Economics, 57, (1) pp. 60-74. ISSN 0921-8009 (2006) [Refereed Article]

DOI: doi:10.1016/j.ecolecon.2005.03.006

Abstract

We estimate and compare two empirical measures of the weak sustainability of an economy for the first time: the change in augmented Green Net National Product (GNNP), and the interest on augmented Genuine Savings (GS). Yearly calculations are given for each measure for Scotland during 19921999. Augmentation means including, using projections to 2020, changed production possibilities enabled by exogenous technical progress or changing oil prices. The change in augmented GNNP and the interest on augmented GS are both always positive, showing no sustainability problem for Scotland then, according to the assumptions underlying our weak sustainability calculations. However, the former greatly exceeds the latter, even when macroeconomic fluctuations are taken into account. This is a mismatch which poses an unresolved problem with the theory. Resolving it may require respecifying the utility functions used in mainstream growth theory

Item Details

Item Type:Refereed Article
Research Division:Economics
Research Group:Applied Economics
Research Field:Environment and Resource Economics
Objective Division:Environment
Objective Group:Ecosystem Assessment and Management
Objective Field:Ecosystem Assessment and Management of Fresh, Ground and Surface Water Environments
Author:Tinch, DR (Dr Dugald Tinch)
ID Code:96859
Year Published:2006
Web of Science® Times Cited:16
Deposited By:Tasmanian School of Business and Economics
Deposited On:2014-11-25
Last Modified:2014-11-25
Downloads:0

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