Genuine savings and sustainability

Nicholas David Hanley, Louis Paul Dupuy, Eoin McLaughlin

    Research output: Contribution to journalArticlepeer-review

    58 Citations (Scopus)

    Abstract

    Genuine Savings has emerged as the leading economic indicator of sustainable economic development at the country level. It derives from the literatures on weak sustainability, wealth accounting and national income accounting. We discuss the theoretical underpinnings of GS, focusing on the relationship between changes in a nation's extended capital stock and the future path of consumption. The indicator has entered widespread use propelled by the World Bank's publications, despite its varying performance as a predictor for future consumption. Notwithstanding the extensive body of literature reviewed, promising future research avenues are identified.
    Original languageEnglish
    Pages (from-to)779-806
    JournalJournal of Economic Surveys
    Volume29
    Issue number4
    Early online date8 Aug 2015
    DOIs
    Publication statusPublished - Sept 2015

    Keywords

    • Sustainable development
    • Genuine savings
    • Comprehensive wealth
    • Future well-being
    • Intergenerational equity
    • Resource allocation mechanism
    • Dynamic optimisation
    • Nature capital

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