Are we measuring natural resource wealth correctly?: A reconceptualization of natural resource value in the era of climate change
No wp-2021-18, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)
Underlying the management of revenues from natural resource extraction is a set of assumptions about how abundant and how valuable these resources are. Nevertheless, existing approaches to measuring the value of extractive resources are seriously flawed. This paper proposes two avenues for improving them. It explains how a multidimensional approach to measuring resource wealth can be used to identify the policy challenges that a country might face as it sets out its strategy for managing extractive revenues.
Keywords: Natural resources; Valuation; environmental impact; Extractives; Climate change; Environmental impact assessments (search for similar items in EconPapers)
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