Please use this identifier to cite or link to this item:
http://hdl.handle.net/1893/11881
Appears in Collections: | Economics Working Papers |
Peer Review Status: | Unrefereed |
Title: | Comprehensive investment and future well-being in the USA, 1869-2000 |
Author(s): | Greasley, David Hanley, Nicholas Kunnas, Jan McLaughlin, Eoin Oxley, Les Warde, Paul |
Contact Email: | n.d.hanley@stir.ac.uk |
Citation: | Greasley D, Hanley N, Kunnas J, McLaughlin E, Oxley L & Warde P (2013) Comprehensive investment and future well-being in the USA, 1869-2000. Stirling Economics Discussion Paper, 2013-06. |
Keywords: | sustainable development natural resources intangible capital comprehensive investment future well-being US economic growth |
JEL Code(s): | E01: Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts E21: Macroeconomics: Consumption; Saving; Wealth N11: Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: Pre-1913 O11: Macroeconomic Analyses of Economic Development O44: Environment and Growth Q01: Sustainable Development |
Issue Date: | 30-Apr-2013 |
Date Deposited: | 12-Apr-2013 |
Series/Report no.: | Stirling Economics Discussion Paper, 2013-06 |
Abstract: | This paper reports long-run tests of how comprehensive investment (CI) predicts future well-being in the USA. Theory suggests that a country with a positive level of CI should experience non-declining future utility. Despite the widespread uptake of CI, previous tests of its predictive power are for short time intervals. We assemble data for increasingly-comprehensive measures of US capital back to 1869 which are used to predict future consumption per capita. Our results show that with the inclusion of natural and human capital, CI can predict changes in future well-being reasonably well over 20 years into the future. Extending CI, to include measures of intangible or social capital, yield results that closely predict consumption over 20-50 years horizons. |
Type: | Working Paper |
URI: | http://hdl.handle.net/1893/11881 |
Affiliation: | University of Edinburgh Economics Economics University of Edinburgh University of Waikato University of East Anglia |
Files in This Item:
File | Description | Size | Format | |
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SEDP-2013-06-Greasley-Hanley-Kunnas-McLaughlin-Oxley-Warde.pdf | Fulltext - Accepted Version | 1.06 MB | Adobe PDF | View/Open |
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