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Sustainability and the measurement of wealth: further reflections

  • Kenneth J. Arrow (a1), Partha Dasgupta (a2), Lawrence H. Goulder (a3), Kevin J. Mumford (a4) and Kirsten Oleson (a5)...

The June 2012 issue of Environment and Development Economics published a symposium with considerable focus on our paper, ‘Sustainability and the measurement of wealth’. The Symposium also contained five articles in which other researchers offered valuable comments on our paper. The present note replies to those comments. It clarifies important issues and reveals how important questions relating to sustainability analysis can be fruitfully addressed within our framework. These include questions about the treatment of time, the use of shadow prices and the treatment of transnational externalities. This note also offers new theoretical results that help substantiate our earlier empirical finding that the value of human health is something very different from the value of the consumption permitted by health and survival.

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This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

P. Dasgupta (1990), ‘The environment as a commodity’, Oxford Review of Economic Policy 6(1): 5167.

P. Dasgupta and K.-G. Mäler (2000), ‘Net national product, wealth, and social well-being’, Environment and Development Economics 5(1): 6993.

P.J. Ferraro , K. Lawlor , K.L. Mullan , and S.K. Pattanayak (2012), ‘Forest figures: ecosystem services valuation and policy evaluation in developing countries’, Review of Environmental Economics and Policy 6(1): 2044.

R.E. Hall and C. Jones (1999), ‘Why do some countries produce so much more output per worker than others?’, Quarterly Journal of Economics 114: 83116.

K. Hamilton and M. Clemens (1999), ‘Genuine savings rates in developing countries’, World Bank Economic Review 13(2): 333356.

H. Hotelling (1931), ‘The economics of exhaustible resources’, Journal of Political Economy 39(2): 137175.

S.K. Pattanayak (2004), ‘Valuing watershed services: concepts and empirics from Southeast Asia’, Agriculture, Ecosystems & Environment 104(1): 171184.

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Environment and Development Economics
  • ISSN: 1355-770X
  • EISSN: 1469-4395
  • URL: /core/journals/environment-and-development-economics
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