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One-sided Unsustainability Tests and NNP Measurement with Multiple Consumption Goods

John Pezzey ()

Economics and Environment Network Working Papers from Australian National University, Economics and Environment Network

Abstract: In an economy with multiple consumption goods (including environmental amenities) that uniquely maximises the present value of utility with constant or falling augmented green net national product, or zero or negative augmented investment, at any time implies that the economy is unsustainable then. "Augmented" means that time is included as a productive stock, which incorporates future exogenous technical progress and changes in world prices in a unified accounting framework. Examples are given of calculating accounting prices for multiple goods. The practical and philosophical rationale for testing sustainability in a present-value maximising, and therefore fully prescribed, development path is discussed.

Keywords: sustainability; net investment; net national product; optimality; green accounting (search for similar items in EconPapers)
JEL-codes: D90 Q01 (search for similar items in EconPapers)
Pages: 39 pages
Date: 2002-04
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