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Recent carbon market prices are substantially lower than mean or median estimates of the social cost of carbon in the literature. Intuition would therefore suggest that 'investment errors' are being made, in the sense that markets favor higher carbon-emitting projects, while global welfare would...
Persistent link: https://www.econbiz.de/10011395402
Since income is the return on wealth, the total wealth of any given country should be on the order of 20 times its gross domestic product. Instead the average observed ratio from the balance sheet accounts of the System of National Accounts is a factor of 2.6 to 6.6, depending on whether natural...
Persistent link: https://www.econbiz.de/10011395676
Biodiversity, a property of natural areas, provides a range of benefits to the economy including bioprospecting rents, knowledge and insurance, ecotourism fees, and ecosystem services. Many of these values can be broken out in the System of National Accounts, leading to better estimates of the...
Persistent link: https://www.econbiz.de/10011395725
Questions about the ultimate size of mineral and energy resource endowments and the degree of fiscal prudence which should be exercised by countries engaged in resource extraction have become central for many developing countries during the recent resource boom. To explore these questions, this...
Persistent link: https://www.econbiz.de/10011395788
This paper combines theory with data from different domains to provide an empirical analysis of the scale and variability of social capital as wealth. The analysis is used to argue, given what has been learned from the literature on social capital, that the welfare returns to investing in trust...
Persistent link: https://www.econbiz.de/10012245850
This internal background paper has been prepared to help inform the 2010 environment strategy with respect to a proposed way forward on use of country systems. The World Bank Group environment strategy is built on three pillars: leveraging natural resources for growth and poverty reduction;...
Persistent link: https://www.econbiz.de/10012247440
Persistent link: https://www.econbiz.de/10003956238
"The World Bank has been publishing estimates of adjusted net or "genuine" saving since 1999. This measure of saving treats depletion of natural resources as a type of economic depreciation. Hamilton uses recent theoretical results relating growth in saving to growth in future consumption to...
Persistent link: https://www.econbiz.de/10010522623
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...
Persistent link: https://www.econbiz.de/10010524230
Persistent link: https://www.econbiz.de/10009756983