Historical wealth accounts for Britain : progress and puzzles in measuring the sustainability of economic growth
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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.
McLaughlin , E , Hanley , N , Greasley , D , Kunnas , J , Oxley , L & Warde , P 2014 , ' Historical wealth accounts for Britain : progress and puzzles in measuring the sustainability of economic growth ' Oxford Review of Economic Policy , vol 30 , no. 1 , pp. 44-69 . DOI: 10.1093/oxrep/gru002
Oxford Review of Economic Policy
© 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
DescriptionWe thank the Leverhulme Trust for funding this research under the project ‘History and the Future’.
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