Savings rules and sustainability: selected extensions
نویسندگان
چکیده
The concept of ‘genuine’ saving, the net saving rate in a national accounting framework encompassing resource depletion and environmental degradation, is extended to include technological change, resource imports, and critical natural capital in the form of rainforests. In all cases, measuring negative rates of genuine saving on the optimal path implies non-sustainability of the path. Questions of measurement away from the optimum, substitutability, depreciation of produced assets, exogenous versus endogenous technological growth and global preferences for natural assets such as rainforests are explored and clarified.
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