The paper employs a methodology that enables the elicitation of the price and quantity of environmental capital (KN) at an aggregate macroeconomic level. The stock of KN considered here is confined to the air-shed of an economy that gets utilized in the process of economic growth. A time series study of the prices and quantities of KN enables an appreciation of the changing value of nature in economic growth. Despite improvements in the rate of utilization of KN, there is insufficient evidence of decreasing scarcity of KN in the case of both Australia and the United States.
|Number of pages||13|
|Journal||Singapore Economic Review|
|Publication status||Published - Aug 2007|
- Depreciation rate
- Environmental capital
- Income approach to national accounts
- Interest rate