There are now quite many publications on the construction of an environmentally adjusted net-national product measure. Most of these publications base the discussion on rather ad hoc constructions of the national accounts. In this paper, I try to develop an accounting framework from basic...

We are interested in three related questions: (1) How should accounting prices be estimated? (2) How should we evaluate policy change in an imperfect economy? (3) How can we check whether intergenerational well-being will be sustained along a projected economic programme? We do not presume that...