TY - JOUR
T1 - Historical wealth accounts for Britain
T2 - progress and puzzles in measuring the sustainability of economic growth
AU - McLaughlin, E.
AU - Hanley, N.
AU - Greasley, D.
AU - Kunnas, J.
AU - Oxley, L.
AU - Warde, P.
N1 - We thank the Leverhulme Trust for funding this research under the project ‘History and the Future’.
PY - 2014/5/20
Y1 - 2014/5/20
N2 - Estimates of Britain's comprehensive wealth are reported for the period 1760-2000. They include measures of produced, natural, and human capital, and illustrate the changing composition of Britain's assets over this time period. We show how genuine savings, GS (a year-on-year measure of the change in total capital and a claimed indicator of sustainable development) has evolved over time. Changes in total wealth are compared to alternative, investment-based measures of GS, including variants augmented with the value of exogenous technology. Additionally, the possible effects of population change on wealth, and the implications of including carbon-dioxide emissions in natural capital are considered.
AB - Estimates of Britain's comprehensive wealth are reported for the period 1760-2000. They include measures of produced, natural, and human capital, and illustrate the changing composition of Britain's assets over this time period. We show how genuine savings, GS (a year-on-year measure of the change in total capital and a claimed indicator of sustainable development) has evolved over time. Changes in total wealth are compared to alternative, investment-based measures of GS, including variants augmented with the value of exogenous technology. Additionally, the possible effects of population change on wealth, and the implications of including carbon-dioxide emissions in natural capital are considered.
KW - Comprehensive wealth
KW - Genuine savings
KW - Sustainability
KW - British economic history
U2 - 10.1093/oxrep/gru002
DO - 10.1093/oxrep/gru002
M3 - Article
AN - SCOPUS:84901488710
SN - 0266-903X
VL - 30
SP - 44
EP - 69
JO - Oxford Review of Economic Policy
JF - Oxford Review of Economic Policy
IS - 1
ER -