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National Wealth
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National Wealth: What is Missing, Why it Matters

Kirk Hamilton and Cameron Hepburn

Abstract

Why are some nations wealthy and others poor? How did the wealthy nations become rich? What are the components of wealth? How should nations manage their wealth for the future? These are among the most important questions in economics. They are also impossible to answer without defining wealth, and understanding how it can be created, destroyed, stored, and managed. National Wealth: What is Missing, Why it Matters assembles a collection of high-quality contributions to define the key concepts and address the economic and policy issues around national wealth. It considers insights from economic ... More

Keywords: wealth, national accounts, sustainability, social welfare, physical capital, human capital, natural capital, intellectual property, institutions, financial assets

Bibliographic Information

Print publication date: 2017 Print ISBN-13: 9780198803720
Published to Oxford Scholarship Online: October 2017 DOI:10.1093/oso/9780198803720.001.0001

Authors

Affiliations are at time of print publication.

Kirk Hamilton, editor
Visiting Professor at the London School of Economics and Political Science; Emeritus Lead Economist in the Development Research Group of The World Bank

Cameron Hepburn, editor
Director, Economics of Sustainability Programme, Institute for New Economic Thinking, Oxford Martin School; Professor of Environmental Economics, Smith School of Enterprise and Environment, University of Oxford; Fellow, New College, University of Oxford

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Contents

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1 Introduction

Kirk Hamilton and Cameron Hepburn

Part I Concepts

4 Wealth and Happiness

Claudia Senik

Part II History of Wealth Creation and Destruction

5 A Sustainable Century?

Matthias Blum, Cristián Ducoing, and Eoin McLaughlin

7 Historical Wealth Accounts for Britain

Eoin McLaughlin, Nick Hanley, David Greasley, Jan Kunnas, Les Oxley, and Paul Warde

8 Wealth, Top Incomes, and Inequality

Frank Cowell, Brian Nolan, Javier Olivera, and Philippe Van Kerm

Part III Components of Wealth

12 Social Capital, Trust, and Well-Being in the Evaluation of Wealth

Kirk Hamilton, John F. Helliwell, and Michael Woolcock

13 Infrastructure

Michael Klein

Part IV Wealth Management and Sustainability

15 Wealth and Sustainability

Kirk Hamilton and John Hartwick

18 The Economics of Sovereign Wealth Funds

Rolando Ossowski and Håvard Halland

Part V Conclusion

20 Conclusion

Kirk Hamilton and Cameron Hepburn

End Matter