Historical wealth accounts for Britain: progress and puzzles in measuring the sustainability of economic growth

E. McLaughlin; N. Hanley; D. Greasley; J. Kunnas; L. Oxley; P. Warde

doi:10.1093/oxrep/gru002

Historical wealth accounts for Britain: progress and puzzles in measuring the sustainability of economic growth

E. McLaughlin
, N. Hanley
, D. Greasley
, J. Kunnas
, L. Oxley
, P. Warde

Research output: Contribution to journal › Article › peer-review

Abstract

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.

Original language	English
Pages (from-to)	44-69
Number of pages	26
Journal	Oxford Review of Economic Policy
Volume	30
Issue number	1
DOIs	https://doi.org/10.1093/oxrep/gru002
Publication status	Published - 20 May 2014

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 8 Decent Work and Economic Growth

Keywords

Comprehensive wealth
Genuine savings
Sustainability
British economic history

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10.1093/oxrep/gru002

Historical_wealth_accounts_for_the_UK_Sent
© 2014. The Authors. Published by Oxford University Press.This is a pre-copyedited, author-produced PDF of an article accepted for publication in Oxford Review of Economic Policy following peer review. The version of record Historical wealth accounts for Britain: Progress and puzzles in measuring the sustainability of economic growth McLaughlin, E., Hanley, N., Greasley, D., Kunnas, J., Oxley, L. & Warde, P. 1 Jan 2014 In : Oxford Review of Economic Policy. 30, 1, p. 44-69 is available online at: http://oxrep.oxfordjournals.org/content/30/1/44.abstract
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abstract = "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.",

keywords = "Comprehensive wealth, Genuine savings, Sustainability, British economic history",

author = "E. McLaughlin and N. Hanley and D. Greasley and J. Kunnas and L. Oxley and P. Warde",

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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’.

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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.

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KW - Genuine savings

KW - Sustainability

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JO - Oxford Review of Economic Policy

JF - Oxford Review of Economic Policy

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ER -

Historical wealth accounts for Britain: progress and puzzles in measuring the sustainability of economic growth

Abstract

UN SDGs

Keywords

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