The Welfare Economic Theory of Green National Accounts

Abramovitz M (1986) Catching up, forging ahead, and falling behind. J Econ Hist 56: 385–406

Acemoglu D, Robinson JA (2006) Economic origins of dictatorship and democracy. Cambridge University Press, Cambridge

Adelman I, Morris CT (1965) A factor analysis of the interrelationship between social and political variables and per capita gross national product. Q J Econ 79(3): 555–78

Anand S, Ravallion M (1993) Human development in poor countries: on the role of private incomes and public services. J Econ Perspect 7(1): 133–150

Aronsson T, Löfgren K-G (1998) Green accounting in imperfect economies. Environ Resour Econ 11(2): 273–287

Aronsson T, Löfgren K-G (1999) Welfare equivalent NNP under distributional objectives. Econ Lett 63: 239–243

Aronsson T, Löfgren K-G (2008) Welfare equivalent NNP and habit formation. Econ Lett 98: 84–88

Arrow KJ, Dasgupta P (2007) Conspicuous consumption, inconspicuous leisure. Faculty of Economics, University of Cambridge, Mimeo

Arrow KJ, Kurz M (1970) Public investment, the rate of return and optimal fiscal policy. Johns Hopkins University Press, Baltimore

Arrow KJ, Dasgupta P, Mäler K-G (2003a) Evaluating projects and assessing sustainable development in imperfect economies. Environ Resour Econ 26(4): 647–685

Arrow KJ, Dasgupta P, Mäler K-G (2003b) The genuine savings criterion and the value of population. Econ Theory 21(2): 217–225

Arrow KJ, Dasgupta P, Goulder L, Daily G, Ehrlich PR, Heal GM, Levin S, Mäler K-G, Schneider S, Starrett DA, Walker B (2004) Are we consuming too much?. J Econ Perspect 18(1): 147–172

Arrow KJ, Dasgupta P, Goulder LH, Mumford K, Oleson K (2007) China, the U.S., and sustainability: perspectives based on comprehensive wealth. Department of Economics, Stanford University, Mimeo

Arrow KJ, Dasgupta P, Goulder LH, Mumford K, Oleson K (2008) Untitled, in preparation

Asheim GB (1994) Net national product as an indicator of sustainability. Scand J Econ 96(2): 257–265

Asheim GB (1996) Capital gains and net national product in open economies. J Public Econ 59: 419–434

Asheim GB (2007) Can NNP be used for welfare comparisons?. Environ Dev Econ 12(1): 11–32

Asheim GB, Weitzman ML (2001) Does NNP growth indicate welfare improvement?. Econ Lett 73(2): 233–239

Barbier EB, Strand I (1998) Valuing mangroves-fishing linkages: a case study of campeche, Mexico. Environ Resour Econ 12(2): 151–166

Barro RJ (1997) Determinants of economic growth: a cross-country empirical study. MIT Press, Cambridge

Bauer PT (1971) Dissent on development. Weidenfeld and Nicolson, London

Becker G (1983) Human capital: a theoretical and empirical analysis, with special reference to education. University of Chicago Press, Chicago

Bin O, Polasky S (2005) Evidence on the amenity value of wetlands in a rural setting. J Agric Appl Econ 37(3): 589–602

Boyer T, Polasky S (2004) Valuing urban wetlands: a review of non-market valuation studies. Wetlands 24(4): 744–755

Brekke KA (1994) Net national product as a welfare indicator. Scand J Econ 96(2): 241–252

Brock W, Starrett D (2003) Non-convexities in ecological management problems. In: Dasgupta P, Mäler K-G(eds) The economics of non-convex ecosystems. Kluwer Academic Publishers, Dordrecht

Cavendish W (2000) Empirical regularities in the poverty-environment relationships of rural households: evidence from Zimbabwe. World Dev 28: 1979–2003

Chichilnisky G, Heal GM (1998) Economic returns from the biosphere. Nature 391: 629–630

Daily G (ed) (1997) Nature’s services: societal dependence on natural ecosystems. Island Press, Washington

Daily G, Ellison K (2002) The new economy of nature: the quest to make conservation profitable. Island Press, Washington

Dasgupta P (1969) On the concept of optimum population. Rev Econ Stud 36(3): 295–318

Dasgupta P (1982) The control of resources. Harvard University Press, Cambridge

Dasgupta P (1997) Nutritional status, the capacity for work and poverty traps. J Econom 77(1): 5–38

Dasgupta P (2000) Economic progress and the idea of social capital. In: Dasgupta P, Serageldin I(eds) Social capital: a multifaceted perspective. World Bank, Washington

Dasgupta P (2001a) Valuing objects and evaluating policies in imperfect economies. Econ J 111(Conference Issue): 1–29

Dasgupta P (2001b) Human well-being and the natural environment, 2nd edn. Oxford University Press, Oxford

Dasgupta P (2007) Nature and the economy. J Appl Ecol 44(3): 475–487

Dasgupta P (2008) Discounting climate change. J Risk Uncertain (forthcoming)

Dasgupta P, Heal G (1979) Economic theory and exhaustible resources. Cambridge University Press, Cambridge

Dasgupta P, Mäler K-G (1991) The environment and emerging development issues. Proceedings of the annual bank conference on development economics 1990. Supplement to the World Bank Economic Review, pp 101–132

Dasgupta P, Mäler K-G (2000) Net national product, wealth, and social well-being. Environ Dev Econ 5(1): 69–93

Dasgupta P, Mäler K-G (eds) (2003) The economics of non-convex ecosystems. Kluwer Academic Publishers, Dordrecht; simultaneously published as a Special Issue of Environmental & Resource Economics, 2003, 26(4)

Dasgupta P, Ray D (1986) Inequality as a determinant of malnutrition and unemployment, 1: theory. Econ J 96(4): 1011–34

Dasgupta P, Ray D (1987) Inequality as a determinant of malnutrition and unemployment, 2: policy. Econ J 97(1): 177–88

Dasgupta P, Marglin S, Sen A (1972) Guidelines for project evaluation. United Nations, New York

Dasgupta S, Hamilton K, Pagiola S, Wheeler D (2008) Environmental economics at the world bank. Rev Environ Econ Policy 2(1): 4–25

Denison EF (1962) The sources of economic growth in the United States and the alternatives before us. Committee Econ Dev, New York

Dixit A, Hammond PJ, Hoel M (1980) On Hartwick’s rule for regular maximim paths of capital accumulation and resource depletion. Rev Econ Stud 47(3): 551–556

Dobson AP, Bradshaw AD, Baker AJM (1997) Hope for the future: restoration ecology and conservation biology. Science 277: 515–522

Dreze J, Sen A (1990) Hunger and public action. Clarendon Press, Oxford

Ehrlich PR, Goulder LH (2007) Is current consumption excessive? A general framework and some indications for the United States. Conserv Biol 21(5): 1145–1154

Fisher I (1930) The theory of interest. McMillan, New York

Fogel RW (1994) Economic growth, population theory, and physiology: the bearing of long-term processes on the making of economic policy. Am Econ Rev 84(2): 369–95

Fogel RW (2004) The escape from hunger and premature death, 1700–2100: Europe, America, and the Third World. Cambridge University Press, Cambridge

Freeman AM III (1993) The measurement of environmental and resource values: theory and methods. Resour Future, Washington, DC

Goldstein J, Daily GC, Friday JB, Matson PA, Naylor RL, Vitousek PM (2006) Business strategies for conservation on private lands: Koa forestry as a case study. Proc Natl Acad Sci 103(26): 10140–10145

Gren IM, Folke C, Turner RK, Bateman I (1994) Primary and secondary values of wetland ecosystems. Environ Resour Econ 4(1): 55–74

Hall RE, Jones CI (1999) Why do some countries produce so much more output per worker than others?. Q J Econ 114(1): 83–116

Hamilton K (1994) Green adjustments to GDP. Resour Policy 20(3): 155–168

Hamilton K, Clemens M (1999) Genuine savings rates in developing countries. World Bank Econ Rev 13(2): 333–356

Hartwick JM (1977) Intergenerational equity and the investing of rents from exhaustible resources. Am Econ Rev 66(5): 972–974

Hartwick JM (1990) Natural resources, national accounting, and economic depreciation. J Public Econ 43(3): 291–304

Hartwick JM (1994) National wealth and net national product. Scand J Econ 96(2): 253–256

Hartwick J (2000) National accounting and capital. Edward Elgar, Cheltenham

Heal GM (1973) The theory of economic planning. North Holland, Amsterdam

Heal GM (1998) Valuing the future: economic theory and sustainability. Columbia University Press, New York

Heal GM, Kristrom B (2005) National income and the environment. In: Mäler K-G, Vincent J(eds) Handbook of environmental economics, vol 2. Elsevier, Dordrecht

Heal G, Kristrom B (2008) A note on national income in a dynamic economy. Econ Lett 98: 2–8

Helpman E (2004) The mystery of economic growth. Belknap, Cambridge

Hotelling H (1931) The economics of exhaustible resources. J Polit Econ 39(2): 137–175

Hulten CR (1992) Accounting for the wealth of nations: the net versus gross output controversy and its ramifications. Scand J Econ 94(Supplement): 9–24

Jodha NS (1986) Common property resources and the rural poor. Econ Polit Weekly 21: 1169–1181

Johansson T, Löfgren K-G (1996) On the interpretation of ‘Green’ NNP measures as cost-benefit rules. Environ Resour Econ 7: 243–250

Koopmans TC (1965) On the concept of optimal economic growth. Pontificiae Academiae Scientiarum Scripta Varia, 28. Reprinted in The Econometric Approach to Development Planning, 1966. Amsterdam, North Holland

Koopmans TC (1967) Objectives, constraints and outcomes in optimal growth models. Econometrica 35(1): 1–15

Layard R (1980) Human satisfaction and public policy. Econ J 90(4): 737–750

Layard R (2005) Happiness: lessons from a new science. Penguin, New York

Levhari D, Srinivasan TN (1969) Optimal savings under uncertainty. Rev Econ Stud 36(2): 153–163

Li Z, Löfgren K-G (2006) Comprehensive NNP, social welfare, and rate of return. Econ Lett 90: 2254–2259

Lindahl ER (1933) The concept of income. In: Bagge G(eds) Economic essays in honour of Gustav Cassel. Allen & Unwin, London

Lipset SM (1959) Some social requisites of democracy: economic development and political legitimacy. Am Polit Sci Rev 53(1): 69–105

Little IMD, Mirrlees JA (1969) Manual of industrial project analysis in developing countries: social cost benefit analysis. OECD, Paris

Little IMD, Mirrlees JA (1974) Project appraisal and planning for developing countries. Heinemann, London

Lutz E (ed) (1993) Toward improved accounting for the environment. World Bank, Washington

Majumdar M, Mitra T (2000) Periodic and chaotic programs of optimal intertemporal allocation in an aggregative model with wealth effects. In: Majumdar M, Mitra T, Nishimura K(eds) Optimization and chaos. Springer-Verlag, Berlin

Mäler K-G (1991) National accounting and environmental resources. Environ Resour Econ 1(1): 1–15

Mäler K-G (2008) Sustainable development and resilience in ecosystems. Environ Resour Econ 39(1): 17–24

Mäler K-G, Wyzga RE (1976) Economic measurement of environmental damage. OECD, Paris

Mäler K-G, Li C-Z, Destouni G (2007) Pricing resilience in a dynamic economy-environmental system: a capital theoretic approach. Discussion Paper No. 209. Beijer Institute of Ecological Economics, Stockholm.

Malinvaud E (1967) Decentralized procedures for planning. In: Malinvaud E, Bacharach MOL(eds) Activity analysis in the theory of growth and planning. MacMillan, London

Marglin SA (1963) The opportunity costs of public investment. Q J Econ 77(2): 274–289

Marsili M (2008) A note on wealth in a volatile economy. Preprint arXiv:0804.2772v1, Abdus Salam International Institute for Theoretic Physics, Trieste

Meade JE (1955) Trade and welfare. Oxford University Press, Oxford

Meade JE (1966) Life-cycle savings, inheritence and economic growth. Rev Econ Stud 33(1): 61–79

Mirrlees JA (1967) Optimum growth when technology is changing. Rev Econ Stud 34(1): 95–124

Mirrlees JA (1969) The evaluation of national income in an imperfect economy. Pakistan Dev Rev 9(1): 1–13

Naidoo R, Adamowicz WL (2005) Economic benefits of biodiversity exceed costs of conservation at an African rain forest reserve. Proc Natl Acad Sci 102: 16712–16716

Nordhaus WD, Tobin J (1972) Is economic growth obsolete? In: Economic growth, 5th Anniversary colloquium of the NBER. Columbia University Press, New York

Pearce D, Atkinson G (1993) Capital theory and the measurement of sustainable development: an indicator of weak sustainability. Ecol Econ 8(2): 103–108

Pearce D, Hamilton K, Atkinson G (1996) Measuring sustainable development: progress on indicators. Environ Dev Econ 1(1): 85–101

Perrings C, Vincent JR (eds) (2003) Natural resource accounting and economic development: theory and practice. Edward Elgar, Cheltenham

Pezzey JCV (1992) Sustainable development concepts: an economic analysis. World Bank Environment Paper No 2. World Bank, Washington

Pezzey JCV, Toman MA (2002) Progress and problems in the economics of sustainability. In: Tietenberg T, Folmer H(eds) The international yearbook of environmental and resource economics 2002/2003. Edward Elgar, Cheltenham

Putnam RD, Leonardi R, Nanetti RY (1993) Making democracy work: civic traditions in modern Italy. Princeton University Press, Princeton

Ramsey FP (1928) A mathematical theory of saving. Econ J 38(4): 543–549

Reid WV, Mooney HA, Cropper A et al (1989) Ecosystems and human well-being: synthesis. Island Press, Washington

Repetto R, Magrath W, Wells M, Beer C, Rossini F (1989) Wasting assets: natural resources and the national income accounts. World Resources Institute, Washington

Ricketts TH, Daily GC, Ehrlcih PR, Michener C (2004) Economic value of tropical forests in coffee production. Proc Natl Acad Sci 101: 12579–12582

Ryder HE, Heal GM (1973) Optimal growth with intertemporally dependent preferences. Rev Econ Stud 40(1): 1–31

Samuelson PA (1961) The evaluation of ‘social income’: capital formation and wealth. In: Lutz FA, Hague DC(eds) The theory of capital. MacMillan, London

Schultz TW (1961) Investment in human capital. Am Econ Rev 51(1): 1–17

Sefton J, Weale MR (1996) The net national product and exhaustible resources: the effects of foreign trade. J Public Econ 61(1): 21–47

Sefton J, Weale MR (2006) The concept of income in general equilibrium. Rev Econ Stud 73(1): 219–249

Sekercioglu CH, Daily CG, Ehrlich PR (2004) Ecosystem consequences of bird declines. Proc Natl Acad Sci 101(52): 18042–18047

Sen A (1970) Introduction. In: Sen A(eds) Growth economics: selected readings. Penguin Books, Harmondsworth

Sen A (1976) Real national income. Rev Econ Stud 43(1): 19–39

Sen A (1987) On ethics and economics. Basil Blackwell, Oxford

Sen A (1999) Development as freedom. Oxford University Press, Oxford

Serageldin I (1995) Are we saving enough for the future? In: Monitoring environmental progress: report on work in progress. Environmentally Sustainable Development. World Bank, Washington

Skiba AK (1978) Optimal growth with a convex–concave production function. Econometrica 46: 527–540

Solow RM (1974) Intergenerational equity and exhaustible resources. Rev Econ Stud 41(Symposium Issue): 29–45

Steffen W, Sanderson A, Tyson PD, Jäger J, Matson PA, Moore B III, Oldfield F, Richardson K, Schellnhuber HJ, Turner BL II, Wasson RJ (2004) Global change and the earth system. Springer, Berlin

Turner RK, Daily GC (2008) The ecosystem services framework for natural capital conservation. Environ Resour Econ 39(1): 25–35

Turner K, van den Bergh CJM, Soderqvist T, Barendregt A, van der Straaten J, Maltby E, Ireland EC (2000) Ecological-economics of wetlands: scientific integration for management and policy. Ecol Econ 35(1): 7–23

Tzouvelekas E, Vouvaki D, Xepapadeus A (2006) Total factor productivity growth and the environment: a case for green growth accounting. Discussion Paper No 206. Beijer Institute of Ecological Economics, Stockholm

UNDP—United Nations Development Programme (1990, 1994, 1998) Human Development Report. Oxford University Press, New York

Vincent JR, Ali RM et al (1997a) Environment and development in a resource-rich economy: Malaysia under the new economic policy. Harvard Institute for International Development, Cambridge

Vincent JR, Panayotou T, Hartwick J (1997b) Resource depletion and sustainability in small open economies. J Environ Econ Manage 33(3): 274–286

Viscusi WK, Aldy JE (2003) The value of a statistical life: a critical review of market estimates throughout the world. J Risk Uncertain 27(1): 5–76

Walker B, Pearson L, Harris M, Mäler K-G, Li C-Z, Biggs R (2007) Incorporating resilience in the assessment of inclusive wealth: an example from South East Australia. Discussion Paper No 209. Beijer Institute of Ecological Economics, Stockholm

Weale M (1997) Environment and national accounts. In: Dasgupta P, Mäler K-G(eds) The environment and emerging development issues, vol 1. Clarendon Press, Oxford

Weitzman ML (1976) On the welfare significance of national product in a dynamic economy. Q J Econ 90(1): 156–162

Weitzman ML (1998) On the welfare significance of national product under interest rate uncertainty. Eur Econ Rev 42(8): 1581–1594

Weitzman ML (2000) The linearized Hamiltonian as comprehensive NDP. Environ Dev Econ 5(1): 55–68

Weitzman ML (2001) A contribution to the theory of welfare accounting. Scand J Econ 103(1): 1–23

Weitzman ML (2003) Income, wealth, and the maximum principle. Harvard University Press, Cambridge

World Bank (2006) Where is the wealth of nations? World Bank, Washington

World Commission on Environment (1987) Our common future. Oxford University Press, New York