How Environmental Pollution from Fossil Fuels can be included in measures of National Accounts and Estimates of Genuine Savings

David Greasley, Nick Hanley, Jan Kunnas, Eoin McLaughlin, Les Oxley and Paul Warde

No 2012-16, Stirling Economics Discussion Papers from University of Stirling, Division of Economics

Abstract: In this paper, we examine means to incorporate the environmental effects of fossil fuel use into national accounts and genuine savings estimates. The main focus is on the rationales for the inclusion of carbon dioxide, and its appropriate price tag. We do this in the context of the pricing of historic carbon emissions in United Kingdom over the long run (from the onset of the industrial revolution to the present). Furthermore, we examine the reasonableness of taking into account other greenhouse gases than carbon dioxide. The global effects of carbon dioxide are compared to the local detrimental effects of the production and consumption of coal in the UK.

Keywords: Genuine Savings; National accounts; Fossil Fuels; Carbon Dioxide; Global Warming; Economic History; Britain (search for similar items in EconPapers)
Date: 2012-07
New Economics Papers: this item is included in nep-agr, nep-ene, nep-env and nep-res
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Citations: View citations in EconPapers (1)

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