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Comparing augmented sustainability measures for Scotland: Is there a mismatch?

journal contribution
posted on 2023-05-18, 05:23 authored by Pezzey, J, Hanley, N, Turner, K, Dugald Tinch
We estimate and compare two empirical measures of the weak sustainability of an economy for the first time: the change in augmented Green Net National Product (GNNP), and the interest on augmented Genuine Savings (GS). Yearly calculations are given for each measure for Scotland during 1992–1999. Augmentation means including, using projections to 2020, changed production possibilities enabled by exogenous technical progress or changing oil prices. The change in augmented GNNP and the interest on augmented GS are both always positive, showing no sustainability problem for Scotland then, according to the assumptions underlying our weak sustainability calculations. However, the former greatly exceeds the latter, even when macroeconomic fluctuations are taken into account. This is a mismatch which poses an unresolved problem with the theory. Resolving it may require respecifying the utility functions used in mainstream growth theory

History

Publication title

Ecological Economics

Volume

57

Pagination

60-74

ISSN

0921-8009

Department/School

TSBE

Publisher

Elsevier Science Bv

Place of publication

Netherlands

Repository Status

  • Restricted

Socio-economic Objectives

Assessment and management of benthic marine ecosystems

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