On measuring wealth: A case study on the state of Queensland

Asafu-Adjaye, J., Brown, R. P. and Straton, A. (2005) On measuring wealth: A case study on the state of Queensland. Journal of Environmental Management, 75 2005: 145-155. doi:10.1016/j.jenvman.2004.12.001


Author Asafu-Adjaye, J.
Brown, R. P.
Straton, A.
Title On measuring wealth: A case study on the state of Queensland
Journal name Journal of Environmental Management   Check publisher's open access policy
ISSN 0301-4797
Publication date 2005-01-01
Sub-type Article (original research)
DOI 10.1016/j.jenvman.2004.12.001
Volume 75
Issue 2005
Start page 145
End page 155
Total pages 11
Editor A. Gill
Place of publication UK
Publisher Academic Press
Language eng
Subject C1
340202 Environment and Resource Economics
760200 Environmental and Resource Evaluation
Abstract In order for policy makers to plan effectively for sustainable development, there is a need for measures of welfare that consider changes in the natural capital stock. Current measures based on conventional national accounting are flawed because they are based solely on flow measures and do not account for environmental effects. In this paper, we use an expanded measure of wealth to estimate the value of natural capital for Queensland. The state's stock of natural capital is valued at A$355.6 billion, of which non-timber forest resources account for 45.3%, ecosystem services 20.0%, and mineral resources 17.6%. This figure is a conservative estimate of the true value since some significant components such as the ecological and life-support functions of the environment are excluded. The estimates highlight the relative importance of different forms of natural capital and can be used to draw the attention of policymakers to the need to give adequate weight to the value of such services in decision-making processes. (c) 2005 Elsevier Ltd. All rights reserved.
Keyword Environmental Studies
Natural Capital
Economic Rent
Sustainable Development
Sustainability
Environmental Management
Queensland
Framework
Australia
Index
Environmental Sciences
Q-Index Code C1

Document type: Journal Article
Sub-type: Article (original research)
Collections: Excellence in Research Australia (ERA) - Collection
2006 Higher Education Research Data Collection
School of Economics Publications
 
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Created: Wed, 15 Aug 2007, 16:54:24 EST