Where is the Wealth of Nations?: Measuring Capital for the 21st CenturyThe book presents estimates of total wealth for nearly 120 countries, using economic theory to decompose the wealth of a nation into its component pieces: produced capital, natural resources and human resources. The wealth estimates provide a unique opportunity to look at economic management from a broader and comprehensive perspective. The book's basic tenet is that economic development can be conceived as a process of portfolio management, so that sustainability becomes an integral part of economic policy making. The rigorous analysis, presented in accessible format, tackles issues such as growth, development and equity. 'Where is the Wealth of Nations?' is organized in four sections. The first part introduces the wealth estimates and highlights the main facts on the level and composition of wealth across countries. The second part analyzes changes in wealth and how they matter for economic policy. The third part deals with the level of wealth, its composition and links to growth and inequality. The last part reviews existing applications of resource and environmental accounting. |
Contents
Part 2Changes in Wealth | 33 |
Testing Genuine Saving | 71 |
Part 3Wealth Production and Development | 85 |
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adjusted net saving Africa analysis asset accounts average Botswana calculated changes in consumption changes in wealth chapter coefficient constant cost cropland damages depreciation developing countries discount rate economic education expenditures elasticity of substitution emissions energy environmental accounts exhaustible resources factors Figure flow accounts genuine investment genuine saving rates gross national income gross saving Hartwick rule high-income countries human capital important income group increase indicators inputs institutional intangible capital residual land resources low-income countries macroeconomic Malthusian saving minerals Moldova monetary NAMEA Namibia national accounts natural capital negative genuine saving nested CES production nested function OECD output pastureland pollution population growth rates present value production function protected areas remittances resource curse resource depletion resource rents rule of law saving gaps sector SEEA share Source Sustainable Development Table timber total wealth variables wealth estimates wealth per capita World Bank World Bank 2005