| Project/Area Number |
13630002
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済理論
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| Research Institution | Keio University |
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Principal Investigator |
ONUMA Ayumi Keio University, Economics, Professor, 経済学部, 教授 (60203874)
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| Project Period (FY) |
2001 – 2003
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| Project Status |
Completed (Fiscal Year 2003)
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| Budget Amount *help |
¥2,800,000 (Direct Cost: ¥2,800,000)
Fiscal Year 2003: ¥800,000 (Direct Cost: ¥800,000)
Fiscal Year 2002: ¥800,000 (Direct Cost: ¥800,000)
Fiscal Year 2001: ¥1,200,000 (Direct Cost: ¥1,200,000)
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| Keywords | sustainability indicator / net investment / green NNP / bequest constraint / generation rationality / net stock of expenditure / stock of interest / environmental business / 持続可能な発展 / ネット・インベストメント / 水利権取引 / 財政政策 / 環境外部性 / 水利権の取引 / パレート効率性 / 開発と環境 / 動学的パレート効率性 |
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| Research Abstract |
This research aimed at extending the two representative sustainability indicators "green net national product (Green NNP)" and "Net Investment" (also known as "genuine savings"). Regarding the green NNP, I introduce the notion of "net stock of expenditure" which is defined as the difference between the stock of consumer's expenditure and the value of capital stock. I add this stock to the stock of interest on capital stock along, the optimal path, and the sum is considered as a kind of wealth. I show that NNP is interpreted as the interest on the wealth minus investment into the wealth, where the rate of interest is that of discount of utility. This characterization is shown to be robust against the extension of economy that involves (1) utility function (2) exogenous technological progress (3) non-constant rate of discount of utility (4) environmental amenities.
With respect to net investment, I investigates sustainable development based on the formalization of the "broad stock of society's capital"(BSSC). Under the bequest constraint (BC) and the generation rationality (GR), we show that the marginal rate of substitution among man-made capital stock and the environmental resources is linked with the rate of their competitive prices. Moreover, we prove that the change of the value of resources can be judged by net investment. Furthermore, we demonstrate that the level of BSSC and that of the utility is connected under intertemporal Pareto efficiency. Finally, we reveal that the utilitarian growth path is characterized under BC and GR if BSSC is constructed according to traditional utilitarianism.
I also analyzes sustainable development in terms of constructing the economic system that enables the economy to grow while the environment is sufficiently conserved. I discuss some ways to achieve it, based on how the government should intervene into pure market economy. This argument is strengthened by some empirical evidences.
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