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Accounting For Exhaustible Resources In The Canadian System Of National Accounts: Flows, Stocks And Productivity Measures

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  • Aldo Diaz
  • Tarek M. Harchaoui

Abstract

The paper shows that the Canadian System of National Accounts includes exhaustible resources but treats them as if they were produced goods. Thus, the claim that conventional accounts ignore the contribution of exhaustible natural resources is partly true. To fully account for exhaustible resources, we present an alternative national accounting framework that incorporates natural resource flows and stocks. The framework modifies the measure of the net domestic product by a factor that differs from the Hartwick‐Solow‐Weitzman rule and leads to different estimates of GDP, national wealth, and productivity growth. An application to the Canadian oil and gas industry shows order‐of‐magnitude effects.

Suggested Citation

  • Aldo Diaz & Tarek M. Harchaoui, 1997. "Accounting For Exhaustible Resources In The Canadian System Of National Accounts: Flows, Stocks And Productivity Measures," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 43(4), pages 465-485, December.
    • Handle: RePEc:bla:revinw:v:43:y:1997:i:4:p:465-485
    DOI: 10.1111/j.1475-4991.1997.tb00236.x
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    Cited by:

    1. Dachraoui, Kaïs Harchaoui, Tarek, 2004. "Water Use, Shadow Prices and the Canadian Business Sector Productivity Performance," Economic Analysis (EA) Research Paper Series 2004026e, Statistics Canada, Analytical Studies Branch.
    2. Harris, Michael & Fraser, Iain, 2002. "Natural resource accounting in theory and practice: A critical assessment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 46(2), pages 1-54.
    3. Butterfield, David W., 2003. "Resource depletion under uncertainty: implications for mine depreciation, Hartwick's Rule and national accounting," Resource and Energy Economics, Elsevier, vol. 25(3), pages 219-238, August.
    4. Johnson Kakeu, 2016. "Exhaustibility and Risk as Asset Class Dimensions: A Social Investor Approach to Capital-Resource Economies," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 65(4), pages 677-695, December.
    5. Dachraoui, Kaïs Harchaoui, Tarek, 2004. "Utilisation de l'eau, prix fictifs et productivité du secteur canadien des entreprises," Série de documents de recherche sur l'analyse économique (AE) 2004026f, Statistics Canada, Direction des études analytiques.

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