The Inclusion Of Natural Resource Wealth In The Index Of Economic Well-Being: Results For

Richard Beard

No 2017-04, CSLS Research Reports from Centre for the Study of Living Standards

Abstract: This report presents augmented estimates of the Index of Economic Well-being (IEWB) for 14 OECD countries for the 1980-2013 period. The new estimates account for the inclusion of an internationally comparable measure of natural resource wealth which had been absent from previous IEWB reports. It finds that in 2013 Norway had the highest level of economic wellbeing and Spain the lowest. Despite being a resource rich country, Canada ranked eleventh among the fourteen countries for economic well-being. Australia ascended the most in the Index of Economic Well-being rankings with the inclusion of natural resource wealth, rising from seventh to fourth. A case study on the sensitivity of Norway’s natural capital to oil prices revealed that Norway’s first place ranking in the Index of Economic Well-being is robust to volatility in resource prices.

Keywords: Index; Economic Well-being; OECD Countries; Canada; Natural resources; wealth; resource wealth (search for similar items in EconPapers)
JEL-codes: C43 E10 F02 I31 Q00 (search for similar items in EconPapers)
Date: 2017-07
New Economics Papers: this item is included in nep-ene and nep-mac
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