THE SCARCITY OF ENVIRONMENTAL CAPITAL AND ECONOMIC GROWTH: A COMPARATIVE STUDY OF AUSTRALIA AND THE UNITED STATES

Dodo J. Thampapillai ()
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Dodo J. Thampapillai: Lee Kuan Yew School of Public Policy, National University of Singapore, Singapore 119260, Singapore

The Singapore Economic Review (SER), 2007, vol. 52, issue 02, 251-263

Abstract: The paper employs a methodology that enables the elicitation of the price and quantity of environmental capital (KN) at an aggregate macroeconomic level. The stock ofKNconsidered here is confined to the air-shed of an economy that gets utilized in the process of economic growth. A time series study of the prices and quantities ofKNenables an appreciation of the changing value of nature in economic growth. Despite improvements in the rate of utilization ofKN, there is insufficient evidence of decreasing scarcity ofKNin the case of both Australia and the United States.

Keywords: Environmental capital; scarcity; income approach to national accounts; interest rate; depreciation rate (search for similar items in EconPapers)
Date: 2007
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DOI: 10.1142/S0217590807002683

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