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Comments on Arrow et al., ‘Sustainability and the measurement of wealth’

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  • Hamilton, Kirk

Abstract

The Arrow et al. paper is a welcome addition to a large literature on the linkage between asset values and social welfare. This literature has its roots in the concern about ‘greening’ the national accounts, but the paper shows how expanding the asset boundary beyond produced and natural goods could increase our measures of income, saving and wealth enormously. I will comment in turn on the wealth accounts, investment accounts and the treatment of CO2 emissions, using selected World Bank figures as a basis for comparison.

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  • Hamilton, Kirk, 2012. "Comments on Arrow et al., ‘Sustainability and the measurement of wealth’," Environment and Development Economics, Cambridge University Press, vol. 17(3), pages 356-361, June.
    • Handle: RePEc:cup:endeec:v:17:y:2012:i:03:p:356-361_00
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    Cited by:

    1. Priti Agarwal & Aparna Sawhney, 2021. "Sustainability and comprehensive wealth accounting: the case of India," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(3), pages 3762-3786, March.
    2. McGrath, Luke & Hynes, Stephen & McHale, John, 2019. "Augmenting the World Bank's estimates: Ireland's genuine savings through boom and bust," Ecological Economics, Elsevier, vol. 165(C), pages 1-1.
    3. Luke McGrath & Stephen Hynes & John McHale, 2022. "The Air we Breathe: Estimates of Air Pollution Extended Genuine Savings for Europe," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 68(1), pages 161-188, March.
    4. Geir B. Asheim & Rintaro Yamaguchi, 2023. "Comprehensive National Accounting for Carbon Emissions," CESifo Working Paper Series 10562, CESifo.
    5. Engelbrecht, Hans-Jürgen, 2016. "Comprehensive versus inclusive wealth accounting and the assessment of sustainable development: An empirical comparison," Ecological Economics, Elsevier, vol. 129(C), pages 12-20.
    6. Rintaro Yamaguchi & Masayuki Sato & Kazuhiro Ueta, 2016. "Measuring Regional Wealth and Assessing Sustainable Development: An Application to a Disaster-Torn Region in Japan," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 129(1), pages 365-389, October.
    7. Perrings, Charles, 2014. "Environment and development economics 20 years on," Environment and Development Economics, Cambridge University Press, vol. 19(3), pages 333-366, June.
    8. Yamaguchi, Rintaro & Managi, Shunsuke, 2019. "Backward- and Forward-looking Shadow Prices in Inclusive Wealth Accounting: An Example of Renewable Energy Capital," Ecological Economics, Elsevier, vol. 156(C), pages 337-349.

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