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With the notable exception of China, in most countries with below-median per capita income the growth rate of the population is greater than that of total wealth. This trend is ultimately unsustainable. For many of these countries, policies for sustainability will require both boosting savings and slowing population growth.
With the notable exception of China, in most countries with below-median per capita income the growth rate of the population is greater than that of total wealth. This trend is ultimately unsustainable. For many of these countries, policies for sustainability will require both boosting savings and slowing population growth.The World Bank's World Development Indicators 1999 highlights for the first time the quot;genuinequot; rate of saving for more than 100 countries around the globe. Genuine saving values the total change in economic assets, thereby providing an indicator of whether an economy is on a sustainable path.The Bank's new estimates of genuine saving broaden the usual national accounts definitions of assets to include human capital, minerals, energy, forest resources, and the stock of atmospheric carbon dioxide. Genuine saving measures the change in total assets rather than the change in per capita assets. Genuine saving data may answer the question, quot;Did total wealth rise or fall over the accounting period?quot; But they do not address the question of whether an economy is sustainable with a growing population. Genuine saving could be positive even though per capita wealth is declining.Hamilton explores the issue of measuring changes in per capita wealth - factoring in both growth in total assets (as measured by genuine saving) and population growth - as a more comprehensive indicator of sustainability.First he develops a theoretical approach to estimating total wealth. Then he presents cross-country estimates of changes in per capita wealth. Based on preliminary estimates, he concludes that in the majority of countries below the median per capita income, wealth is accumulating more slowly than the population is growing.This paper - a product of the Office of the Director, Environment Department - is part of a larger effort in the department to apply economic approaches to environmental management. The author may be contacted at [email protected].
Countries regularly track gross domestic product (GDP) as an indicator of their economic progress, but not wealth—the assets such as infrastructure, forests, minerals, and human capital that produce GDP. In contrast, corporations routinely report on both their income and assets to assess their economic health and prospects for the future. Wealth accounts allow countries to take stock of their assets to monitor the sustainability of development, an urgent concern today for all countries. The Changing Wealth of Nations 2018: Building a Sustainable Future covers national wealth for 141 countries over 20 years (1995†“2014) as the sum of produced capital, 19 types of natural capital, net foreign assets, and human capital overall as well as by gender and type of employment. Great progress has been made in estimating wealth since the fi rst volume, Where Is the Wealth of Nations? Measuring Capital for the 21st Century, was published in 2006. New data substantially improve estimates of natural capital, and, for the fi rst time, human capital is measured by using household surveys to estimate lifetime earnings. The Changing Wealth of Nations 2018 begins with a review of global and regional trends in wealth over the past two decades and provides examples of how wealth accounts can be used for the analysis of development patterns. Several chapters discuss the new work on human capital and its application in development policy. The book then tackles elements of natural capital that are not yet fully incorporated in the wealth accounts: air pollution, marine fi sheries, and ecosystems. This book targets policy makers but will engage anyone committed to building a sustainable future for the planet.
The 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 g.
This book is about development and measuring development progress. While precise definitions may vary, development is, at heart, a process of building wealth, the produced, natural, human, and institutional capital which is the source of income and wellbeing. Divided into 2 major parts, coverage includes a big picture of changes in wealth by income group and geographic region as well as case studies in wealth accounting and how it is being implemented in various countries.
The Inclusive Wealth Index provides important insights into long-term economic growth and human well-being. The Index measures the wealth of nations through a comprehensive analysis of a country's productive base and the country’s wealth in terms of progress, well-being and long-term sustainability. It measures all assets which human well-being is based upon, in particular, produced, human and natural capital to create and maintain human well-being over time.
This book investigates the role of wealth in achieving sustainable rural economic development. The authors define wealth as all assets net of liabilities that can contribute to well-being, and they provide examples of many forms of capital – physical, financial, human, natural, social, and others. They propose a conceptual framework for rural wealth creation that considers how multiple forms of wealth provide opportunities for rural development, and how development strategies affect the dynamics of wealth. They also provide a new accounting framework for measuring wealth stocks and flows. These conceptual frameworks are employed in case study chapters on measuring rural wealth and on rural wealth creation strategies. Rural Wealth Creation makes numerous contributions to research on sustainable rural development. Important distinctions are drawn to help guide wealth measurement, such as the difference between the wealth located within a region and the wealth owned by residents of a region, and privately owned versus publicly owned wealth. Case study chapters illustrate these distinctions and demonstrate how different forms of wealth can be measured. Several key hypotheses are proposed about the process of rural wealth creation, and these are investigated by case study chapters assessing common rural development strategies, such as promoting rural energy industries and amenity-based development. Based on these case studies, a typology of rural wealth creation strategies is proposed and an approach to mapping the potential of such strategies in different contexts is demonstrated. This book will be relevant to students, researchers, and policy makers looking at rural community development, sustainable economic development, and wealth measurement.
Eurasian economies have to become efficient more productive, job-creating, and stable. But efficiency is not the same as diversification. Governments need to worry less about the composition of exports and production and more about asset portfolios natural resources, built capital, and economic institutions.
This open access book not only describes the challenges of climate disruption, but also presents solutions. The challenges described include air pollution, climate change, extreme weather, and related health impacts that range from heat stress, vector-borne diseases, food and water insecurity and chronic diseases to malnutrition and mental well-being. The influence of humans on climate change has been established through extensive published evidence and reports. However, the connections between climate change, the health of the planet and the impact on human health have not received the same level of attention. Therefore, the global focus on the public health impacts of climate change is a relatively recent area of interest. This focus is timely since scientists have concluded that changes in climate have led to new weather extremes such as floods, storms, heat waves, droughts and fires, in turn leading to more than 600,000 deaths and the displacement of nearly 4 billion people in the last 20 years. Previous work on the health impacts of climate change was limited mostly to epidemiologic approaches and outcomes and focused less on multidisciplinary, multi-faceted collaborations between physical scientists, public health researchers and policy makers. Further, there was little attention paid to faith-based and ethical approaches to the problem. The solutions and actions we explore in this book engage diverse sectors of civil society, faith leadership, and political leadership, all oriented by ethics, advocacy, and policy with a special focus on poor and vulnerable populations. The book highlights areas we think will resonate broadly with the public, faith leaders, researchers and students across disciplines including the humanities, and policy makers.
The book, which draws on data published by the World Bank, is addressed to teachers, students, and all those interested in exploring issues of global development.