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dc.contributor.authorGreasley, D.
dc.contributor.authorHanley, N.
dc.contributor.authorKunnas, J.
dc.contributor.authorMcLaughlin, E.
dc.contributor.authorOxley, L.
dc.contributor.authorWarde, P.
dc.date.accessioned2015-06-16T23:10:33Z
dc.date.available2015-06-16T23:10:33Z
dc.date.issued2014-03
dc.identifier135017027
dc.identifier549ba8b6-386c-484b-b9da-c2f151549825
dc.identifier84894282103
dc.identifier000333493500006
dc.identifier.citationGreasley , D , Hanley , N , Kunnas , J , McLaughlin , E , Oxley , L & Warde , P 2014 , ' Testing genuine savings as a forward-looking indicator of future well-being over the (very) long-run ' , Journal of Environmental Economics and Management , vol. 67 , no. 2 , pp. 171-188 . https://doi.org/10.1016/j.jeem.2013.12.001en
dc.identifier.issn0095-0696
dc.identifier.urihttps://hdl.handle.net/10023/6836
dc.descriptionWe thank the Leverhulme Trust for funding this work.en
dc.description.abstractGenuine Savings (GS) have been much used in recent years as an indicator of a country's sustainability. According to some theorists (e.g. Arrow et al., 2012), under certain conditions a country with a positive level of GS should experience non-declining future utility, given the assumption of unlimited substitutability among all forms of capital (sometimes called "weak" sustainability). This paper reports the first very long-run tests of GS (also called comprehensive investment or adjusted net savings) as a forward-looking indicator of future well-being. We assemble data for British capital back to 1765, and construct several net investment measures which are used as indicators of two alternative measures of future well-being: consumption per capita and real wages. An allowance for a "value of time" due to exogenous technological progress is included in some GS measures, and we demonstrate the importance of this measure and the choice of discount rate over the very long-run. On the whole, our results do not reject the postulated relationship between GS and future well-being, and show GS can be a forward looking indicator of future well-being for periods of up to 100 years.
dc.format.extent18
dc.format.extent1450791
dc.language.isoeng
dc.relation.ispartofJournal of Environmental Economics and Managementen
dc.subjectSustainable developmenten
dc.subjectGenuine savingsen
dc.subjectComprehensive investmenten
dc.subjectFuture well-beingen
dc.subjectBritish economic historyen
dc.subjectTechnological progressen
dc.subjectHB Economic Theoryen
dc.subjectHC Economic History and Conditionsen
dc.subjectBDYen
dc.subject.lccHBen
dc.subject.lccHCen
dc.titleTesting genuine savings as a forward-looking indicator of future well-being over the (very) long-runen
dc.typeJournal articleen
dc.contributor.institutionUniversity of St Andrews. Geography & Sustainable Developmenten
dc.identifier.doi10.1016/j.jeem.2013.12.001
dc.description.statusPeer revieweden
dc.date.embargoedUntil2015-06-17


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