Australia: a Land of Missed Opportunities?

David Greasley, Nick Hanley, Eoin McLaughlin and Les Oxley
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David Greasley: Emeritus Professor of Economic History, University of Edinburgh

Discussion Papers in Environment and Development Economics from University of St. Andrews, School of Geography and Sustainable Development

Abstract: Comprehensive Investment (CI) may provide an indicator of future changes in a country’s per capita consumption. We explore the utility of the CI indicator for Australia by constructing CI data since 1861 and by estimating their relationship with changes in future consumption over periods of 50 years ahead. The CI measures include changes in natural, produced and human capital, and make allowance for exogenous technological progress.The results are used to consider how Australia’s natural capital exploitation influenced the consumption of future generations. Further, we gauge if low CI relative to other leading OECD countries resulted in lower consumption levels in Australia over time than feasible, had it saved more.

Keywords: Australia; sustainable development; comprehensive investment; genuine savings; consumption; technological progress. (search for similar items in EconPapers)
JEL-codes: E01 E21 N10 N17 O11 O44 Q01 (search for similar items in EconPapers)
Pages: 42 pages
Date: 2016-03
New Economics Papers: this item is included in nep-his and nep-mac
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Australia: a land of missed opportunities? (2017)
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