Incorporating Resilience in the Assessment of Inclusive Wealth: An Example from South East Australia

This paper explores the consequences of changes in a system’s resilience on the sustainability of resource allocation decisions, as measured by Inclusive Wealth (IW) (Arrow et al. in Environ Resour Econ 26:647–685, 2003). We incorporate an estimate of resilience in IW by taking account of known or s...

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Published in:Environmental & resource economics 2010-02, Vol.45 (2), p.183-202
Main Authors: Walker, Brian, Pearson, Leonie, Harris, Michael, Maler, Karl-Göran, Li, Chuan-Zhong, Biggs, Reinette, Baynes, Tim
Format: Article
Language:English
Subjects:
Agricultural production
Australia
Case studies
Consumption
Economic Policy
Economics
Economics and Finance
Ecosystems
Environmental Economics
Environmental Law/Policy/Ecojustice
Environmental Management
Estimation
Evaluation
Inclusive wealth
INTERDISCIPLINARY RESEARCH AREAS
Land economics
Measurement
Nationalekonomi
Present value
Productivity
Resilience
Resource allocation
SAMHÄLLSVETENSKAP
Shadow prices
SOCIAL SCIENCES
Studies
Sustainability
Sustainable development
TVÄRVETENSKAPLIGA FORSKNINGSOMRÅDEN
Wealth
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cited_by cdi_FETCH-LOGICAL-c717t-3ca9258731d5f4d94f8f7838ca0bb3076093985f86dac169881322098c175ce53
cites cdi_FETCH-LOGICAL-c717t-3ca9258731d5f4d94f8f7838ca0bb3076093985f86dac169881322098c175ce53
container_end_page 202
container_issue 2
container_start_page 183
container_title Environmental & resource economics
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creator Walker, Brian
Pearson, Leonie
Harris, Michael
Maler, Karl-Göran
Li, Chuan-Zhong
Biggs, Reinette
Baynes, Tim
description This paper explores the consequences of changes in a system’s resilience on the sustainability of resource allocation decisions, as measured by Inclusive Wealth (IW) (Arrow et al. in Environ Resour Econ 26:647–685, 2003). We incorporate an estimate of resilience in IW by taking account of known or suspected thresholds that can lead to irreversible (or practically irreversible) changes in the productivity and value of assets and hence social welfare. These thresholds allow us to identify policies or projects that may be leading to an increased risk of decline in capital stocks (the wealth of the region). Such risks are not reflected through usual measures of current system performance, e.g. agricultural production. We use the Goulburn-Broken Catchment in south-eastern Australia as a case study to explore the significance and practicality of including resilience in inclusive wealth estimates.
doi_str_mv 10.1007/s10640-009-9311-7
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source EconLit s plnými texty; International Bibliography of the Social Sciences (IBSS); ABI/INFORM global; Springer Nature
subjects Agricultural production
Australia
Case studies
Consumption
Economic Policy
Economics
Economics and Finance
Ecosystems
Environmental Economics
Environmental Law/Policy/Ecojustice
Environmental Management
Estimation
Evaluation
Inclusive wealth
INTERDISCIPLINARY RESEARCH AREAS
Land economics
Measurement
Nationalekonomi
Present value
Productivity
Resilience
Resource allocation
SAMHÄLLSVETENSKAP
Shadow prices
SOCIAL SCIENCES
Studies
Sustainability
Sustainable development
TVÄRVETENSKAPLIGA FORSKNINGSOMRÅDEN
Wealth
title Incorporating Resilience in the Assessment of Inclusive Wealth: An Example from South East Australia
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