Australia: a land of missed opportunities?

Comprehensive Investment (CI) may provide an indicator of future changes in a country's per capita consumption. The authors 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 perio...

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Bibliographic Details
Published in:Environment and development economics 2017-12, Vol.22 (6), p.674-698
Main Authors: Greasley, David, McLaughlin, Eoin, Hanley, Nick, Oxley, Les
Format: Article
Language:English
Subjects:
Capital stock
Consumption
Developing countries
Development economics
Economic growth
Economic history
Economic models
Energy economics
Exploitation
GDP
Gross Domestic Product
Human capital
International economic organizations
Investments
Land
LDCs
Shadow prices
Social capital
Sustainable development
Technological change
Technological progress
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Summary:Comprehensive Investment (CI) may provide an indicator of future changes in a country's per capita consumption. The authors 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, the authors 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.
ISSN:1355-770X
1469-4395
DOI:10.1017/S1355770X17000110