National wealth: what is missing why it matters

Contributor(s): Hamilton, Kirk [Editor] | Hepburn, Cameron [Editor]
Material type: TextTextPublisher: UK Oxford University Press 2017Description: N.P.ISBN: 9780191844119Subject(s): Wealth - Econometric models | Economics | WealthDDC classification: 339.2 Online resources: E-Book Summary: Part One: Concepts 1. Introduction, Kirk Hamilton and Cameron Hepburn 2. The Political Economy of National Statistics, Diane Coyle 3. A Tight Connection Among Wealth, Income, Sustainability and Accounting in an Ultra-Simplified Setting, Martin L. Weitzman 4. Wealth and Happiness, Claudia Senik Part Two: History of Wealth Creation and Destruction 5. A Sustainable Century: Genuine Savings in Developing and Developed Countries, 1900-2000, Matthias Blum, Cristian Ducoing, Eoin McLaughlin 6. Household Wealth Trends in the US, 1983 to 2010, Edward N. Wolff 7. Historical Wealth Accounts for Britain: Progress and Puzzles in Measuring the Sustainability of Economic Growth, Eoin McLaughlin, Nick Hanley, David Greasley, Jan Kunnas, Les Oxley, and Paul Warde 8. Wealth, Top Incomes, and Inequality, Frank Cowell, Brian Nolan, Javier Olivera, and Philippe Van Kerm 9. Wealth Creation and the Entrepreneurial State, Mariana Mazzucato Part Three: Components of Wealth 10. Recording Environmental Assets in the National Accounts, Carl Obst and Michael Vardon 11. Human Capital, Tangible Wealth, and the Intangible Capital Residual, Kirk Hamilton and Gang Liu 12. Social Capital, Trust, and Well-being in the Evaluation of Wealth, Kirk Hamilton, John F. Helliwell, and Michael Woolcock 13. Infrastructure: Political Economy of Wealth Creation, Michael Klein 14. Nodes of Capital: Cities, Wealth, and the Era of Urbanization, Dimitri Zenghelis Part Four: Wealth and Sustainability 15. Wealth and Sustainability, Kirk Hamilton and John Hartwick 16. Sustainable Economic Growth and the Role of Natural Capital, Dieter Helm 17. Finance, Wealth, Technological Innovation, and Regulation, Colin Mayer 18. The Economics of Sovereign Wealth Funds, Rolando Ossowski and Havard Halland 19. Sustainable Management of Natural Resource Wealth, Rick van der Ploeg Part Five: Conclusion 20. Conclusion, Kirk Hamilton and Cameron Hepburn Why are some nations wealthy and others poor? How did the wealthy nations become rich? What are the components of wealth? How should nations manage their wealth for the future? These are among the most important questions in economics. They are also impossible to answer without defining wealth, and understanding how it can be created, destroyed, stored, and managed. National Wealth: What is Missing, Why it Matters assembles a collection of high-quality contributions to define the key concepts and address the economic and policy issues around national wealth. It considers insights from economic history, addresses the impacts of the changes to national accounting, and teases out the policy implications for both rich and poor countries and the institutions within them. Using expert analysis and theory backed by empirical work, this book evaluates the progress that has been made in measuring national wealth, as well as the recent developments in theory and practice which tell us that the change in real wealth (net saving) is an essential indicator of economic progress. Net national saving, measured comprehensively and adjusted to reflect the investment in and the depreciation of the full range of assets measured in national wealth, is an indicator of the change in future wellbeing. Governments can use this measure to answer a fundamental question: How much does the stream of future wellbeing of the population rise or fall as a result of policy actions today? The book is organized into four parts. Part one provides the political context and defines the key concepts. Part two examines the history of wealth creation and destruction. Part three provides a more detailed analysis of the individual components of wealth, and finally, part four examines the lessons for managing wealth for sustainable national prosperity. https://global.oup.com/academic/product/national-wealth-9780198803720?cc=us&lang=en&#
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Part One: Concepts
1. Introduction, Kirk Hamilton and Cameron Hepburn
2. The Political Economy of National Statistics, Diane Coyle
3. A Tight Connection Among Wealth, Income, Sustainability and Accounting in an Ultra-Simplified Setting, Martin L. Weitzman
4. Wealth and Happiness, Claudia Senik
Part Two: History of Wealth Creation and Destruction
5. A Sustainable Century: Genuine Savings in Developing and Developed Countries, 1900-2000, Matthias Blum, Cristian Ducoing, Eoin McLaughlin
6. Household Wealth Trends in the US, 1983 to 2010, Edward N. Wolff
7. Historical Wealth Accounts for Britain: Progress and Puzzles in Measuring the Sustainability of Economic Growth, Eoin McLaughlin, Nick Hanley, David Greasley, Jan Kunnas, Les Oxley, and Paul Warde
8. Wealth, Top Incomes, and Inequality, Frank Cowell, Brian Nolan, Javier Olivera, and Philippe Van Kerm
9. Wealth Creation and the Entrepreneurial State, Mariana Mazzucato
Part Three: Components of Wealth
10. Recording Environmental Assets in the National Accounts, Carl Obst and Michael Vardon
11. Human Capital, Tangible Wealth, and the Intangible Capital Residual, Kirk Hamilton and Gang Liu
12. Social Capital, Trust, and Well-being in the Evaluation of Wealth, Kirk Hamilton, John F. Helliwell, and Michael Woolcock
13. Infrastructure: Political Economy of Wealth Creation, Michael Klein
14. Nodes of Capital: Cities, Wealth, and the Era of Urbanization, Dimitri Zenghelis
Part Four: Wealth and Sustainability
15. Wealth and Sustainability, Kirk Hamilton and John Hartwick
16. Sustainable Economic Growth and the Role of Natural Capital, Dieter Helm
17. Finance, Wealth, Technological Innovation, and Regulation, Colin Mayer
18. The Economics of Sovereign Wealth Funds, Rolando Ossowski and Havard Halland
19. Sustainable Management of Natural Resource Wealth, Rick van der Ploeg
Part Five: Conclusion
20. Conclusion, Kirk Hamilton and Cameron Hepburn



Why are some nations wealthy and others poor? How did the wealthy nations become rich? What are the components of wealth? How should nations manage their wealth for the future? These are among the most important questions in economics. They are also impossible to answer without defining wealth, and understanding how it can be created, destroyed, stored, and managed.

National Wealth: What is Missing, Why it Matters assembles a collection of high-quality contributions to define the key concepts and address the economic and policy issues around national wealth. It considers insights from economic history, addresses the impacts of the changes to national accounting, and teases out the policy implications for both rich and poor countries and the institutions within them.

Using expert analysis and theory backed by empirical work, this book evaluates the progress that has been made in measuring national wealth, as well as the recent developments in theory and practice which tell us that the change in real wealth (net saving) is an essential indicator of economic progress. Net national saving, measured comprehensively and adjusted to reflect the investment in and the depreciation of the full range of assets measured in national wealth, is an indicator of the change in future wellbeing. Governments can use this measure to answer a fundamental question: How much does the stream of future wellbeing of the population rise or fall as a result of policy actions today?

The book is organized into four parts. Part one provides the political context and defines the key concepts. Part two examines the history of wealth creation and destruction. Part three provides a more detailed analysis of the individual components of wealth, and finally, part four examines the lessons for managing wealth for sustainable national prosperity.


https://global.oup.com/academic/product/national-wealth-9780198803720?cc=us&lang=en&#

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