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Historical wealth accounts for Britain: Progress and puzzles in measuring the sustainability of economic growth

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Authors
McLaughlin, E.
Hanley, N.
Greasley, D.
Kunnas, J.
Oxley, Leslie
Warde, P.
Date
2014
Type
Journal Article

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McLaughlin, E. and Hanley, N. and Greasley, D. and Kunnas, J. and Oxley, L. and Warde, P. 2014. Historical wealth accounts for Britain: Progress and puzzles in measuring the sustainability of economic growth. Oxford Review of Economic Policy. 30 (1): pp. 44-69.
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Oxford Review of Economic Policy
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School of Economics and Finance
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Abstract

Estimates of Britain's comprehensive wealth are reported for the period 1760-2000. They include measures of produced, natural, and human capital, and illustrate the changing composition of Britain's assets over this time period. We show how genuine savings, GS (a year-on-year measure of the change in total capital and a claimed indicator of sustainable development) has evolved over time. Changes in total wealth are compared to alternative, investment-based measures of GS, including variants augmented with the value of exogenous technology. Additionally, the possible effects of population change on wealth, and the implications of including carbon-dioxide emissions in natural capital are considered. © The Authors 2014. Published by Oxford University Press.