IDEAS home Printed from https://ideas.repec.org/p/stl/stledp/2012-16.html
   My bibliography  Save this paper

How Environmental Pollution from Fossil Fuels can be included in measures of National Accounts and Estimates of Genuine Savings

Author

Listed:
  • Greasley, David
  • Hanley, Nicholas
  • Kunnas, Jan
  • McLaughlin, Eoin
  • Oxley, Les
  • Warde, Paul

Abstract

In this paper, we examine means to incorporate the environmental effects of fossil fuel use into national accounts and genuine savings estimates. The main focus is on the rationales for the inclusion of carbon dioxide, and its appropriate price tag. We do this in the context of the pricing of historic carbon emissions in United Kingdom over the long run (from the onset of the industrial revolution to the present). Furthermore, we examine the reasonableness of taking into account other greenhouse gases than carbon dioxide. The global effects of carbon dioxide are compared to the local detrimental effects of the production and consumption of coal in the UK.

Suggested Citation

  • Greasley, David & Hanley, Nicholas & Kunnas, Jan & McLaughlin, Eoin & Oxley, Les & Warde, Paul, 2012. "How Environmental Pollution from Fossil Fuels can be included in measures of National Accounts and Estimates of Genuine Savings," Stirling Economics Discussion Papers 2012-16, University of Stirling, Division of Economics.
    • Handle: RePEc:stl:stledp:2012-16
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/1893/8956
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Hamilton, Kirk & Clemens, Michael, 1999. "Genuine Savings Rates in Developing Countries," The World Bank Economic Review, World Bank, vol. 13(2), pages 333-356, May.
    2. Jeffrey R. Vincent, 2001. "Are Greener National Accounts Better?," CID Working Papers 63A, Center for International Development at Harvard University.
    3. Fouquet, Roger, 2011. "Long run trends in energy-related external costs," Ecological Economics, Elsevier, vol. 70(12), pages 2380-2389.
    4. Ackerman, Frank & Stanton, Elizabeth A., 2012. "Climate risks and carbon prices: Revising the social cost of carbon," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 6, pages 1-25.
    5. Greasley, David & Hanley, Nicholas & McLaughlin, Eoin & Oxley, Les & Warde, Paul, 2012. "Testing for long-run "sustainability": Genuine Savings estimates for B ritain, 1760-2000," Stirling Economics Discussion Papers 2012-05, University of Stirling, Division of Economics.
    6. World Bank, 2003. "World Development Indicators 2003," World Bank Publications - Books, The World Bank Group, number 13920.
    7. Sefton, J. A. & Weale, M. R., 1996. "The net national product and exhaustible resources: The effects of foreign trade," Journal of Public Economics, Elsevier, vol. 61(1), pages 21-47, July.
    8. John W. Kendrick, 1976. "The Formation and Stocks of Total Capital," NBER Books, National Bureau of Economic Research, Inc, number kend76-1.
    9. Ken Caldeira & Michael E. Wickett, 2003. "Anthropogenic carbon and ocean pH," Nature, Nature, vol. 425(6956), pages 365-365, September.
    10. Price, Richard & Thornton, Simeon & Nelson, Stephen, 2007. "The Social Cost of Carbon and the Shadow Price of Carbon: what they are, and how to use them in economic appraisal in the UK," MPRA Paper 74976, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Adrian Boos, 2015. "Genuine Savings as an Indicator for “Weak” Sustainability: Critical Survey and Possible Ways forward in Practical Measuring," Sustainability, MDPI, vol. 7(4), pages 1-37, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Greasley, David & Hanley, Nick & Kunnas, Jan & McLaughlin, Eoin & Oxley, Les & Warde, Paul, 2014. "Testing genuine savings as a forward-looking indicator of future well-being over the (very) long-run," Journal of Environmental Economics and Management, Elsevier, vol. 67(2), pages 171-188.
    2. Geir B. Asheim & Rintaro Yamaguchi, 2023. "Comprehensive National Accounting for Carbon Emissions," CESifo Working Paper Series 10562, CESifo.
    3. Mota, Rui Pedro & Domingos, Tiago, 2013. "Assessment of the theory of comprehensive national accounting with data for Portugal," Ecological Economics, Elsevier, vol. 95(C), pages 188-196.
    4. Geir B. Asheim & Wolfgang Buchholz, 2004. "A General Approach to Welfare Measurement through National Income Accounting," Scandinavian Journal of Economics, Wiley Blackwell, vol. 106(2), pages 361-384, June.
    5. 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.
    6. Blum, Matthias & Hanley, Nicholas & McLaughlin, Eoin, 2013. "Genuine savings and future well-being in Germany, 1850-2000," Stirling Economics Discussion Papers 2013-13, University of Stirling, Division of Economics.
    7. Jan Kunnas & Nick Hanley & Eoin McLaughlin & David Greasley & Les Oxley & Paul Warde, 2013. "Human capital in the UK, 1760 to 2009," Working Papers 13029, Economic History Society.
    8. John C. V. Pezzey, 2004. "Sustainability Policy and Environmental Policy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 106(2), pages 339-359, June.
    9. Eoin McLaughlin & Cristián Ducoing & Les Oxley, 2024. "Tracing Sustainability in the Long Run: Genuine Savings Estimates 1850–2018," NBER Chapters, in: Measuring and Accounting for Environmental Public Goods: A National Accounts Perspective, National Bureau of Economic Research, Inc.
    10. Atkinson, Giles & Gundimeda, Haripriya, 2006. "Accounting for India's forest wealth," Ecological Economics, Elsevier, vol. 59(4), pages 462-476, October.
    11. Adrian Boos, 2015. "Genuine Savings as an Indicator for “Weak” Sustainability: Critical Survey and Possible Ways forward in Practical Measuring," Sustainability, MDPI, vol. 7(4), pages 1-37, April.
    12. Frederick van der Ploeg, 2011. "Natural Resources: Curse or Blessing?," Journal of Economic Literature, American Economic Association, vol. 49(2), pages 366-420, June.
    13. Louis Dupuy, 2012. "International Trade and Sustainability : A survey," Working Papers hal-00701426, HAL.
    14. Mota, Rui Pedro & Cunha-e-Sá, Maria A., 2019. "The Role of Technological Progress in Testing Adjusted Net Savings: Evidence from OECD Countries," Ecological Economics, Elsevier, vol. 164(C), pages 1-1.
    15. Louis Dupuy, 2012. "International Trade and Sustainability: A survey," Larefi Working Papers 201201, Larefi, Université Bordeaux 4.
    16. Kenneth Arrow & Partha Dasgupta & Karl-Göran Mäler, 2003. "Evaluating Projects and Assessing Sustainable Development in Imperfect Economies," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 26(4), pages 647-685, December.
    17. John C. V. Pezzey, 2002. "One-sided Unsustainability Tests and NNP Measurement with Multiple Consumption Goods," Economics and Environment Network Working Papers 0208, Australian National University, Economics and Environment Network.
    18. Patenema Ouedraogo, 2022. "The Impact Of Public Debt On The Sustainability Of The Economy," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 16(1), pages 334-350.
    19. Kenneth Arrow & Partha Dasgupta & Lawrence Goulder & Gretchen Daily & Paul Ehrlich & Geoffrey Heal & Simon Levin & Karl-Göran Mäler & Stephen Schneider & David Starrett & Brian Walker, 2004. "Are We Consuming Too Much?," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 147-172, Summer.
    20. Kirk Hamilton & Giovanni Ruta, 2009. "Wealth Accounting, Exhaustible Resources and Social Welfare," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 42(1), pages 53-64, January.

    More about this item

    Keywords

    Genuine Savings; National accounts; Fossil Fuels; Carbon Dioxide; Global Warming; Economic History; Britain;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:stl:stledp:2012-16. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Liam Delaney (email available below). General contact details of provider: https://edirc.repec.org/data/destiuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.