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Macroeconomic foundation of inclusive wealth: theory and evidence on its relationships with production, consumption, and discounting

Research Project

Project/Area Number 19K12466
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Review Section Basic Section 64060:Environmental policy and social systems-related
Research InstitutionNational Institute for Environmental Studies

Principal Investigator

Yamaguchi Rintaro  国立研究開発法人国立環境研究所, 社会システム領域, 主任研究員 (30557179)

Project Period (FY) 2019-04-01 – 2022-03-31
Project Status Completed (Fiscal Year 2021)
Budget Amount *help
¥2,600,000 (Direct Cost: ¥2,000,000、Indirect Cost: ¥600,000)
Fiscal Year 2021: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2020: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2019: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Keywords持続可能性指標 / 包括的富 / 割引率 / ジェニュイン・セイビング / ハートウィック・ルール / 自然資本 / 制度の質 / 世代間衡平性 / 富会計 / 持続可能な発展 / GDP / グリーンGDP / 収益率
Outline of Research at the Start

人工資本・人的資本・自然資本を集計した包括的富(IW)の変化は、持続可能性指標の一つとして注目されている一方で、経済学的な意味合いは明らかになっていない点も多い。そこで本研究では、IWのマクロ経済学的研究を行う。第一に、GDPとIWとの理論的関係を明らかにし、時系列データによりGDPとIWとの関係を分析する。第二に、IWの変化が実際に人々の福祉向上に結びついているかどうかを分析する。その際、人口や環境アメニティの変化も考慮する。第三に、割引率がIWに与える影響について、理論とデータによる実証を行う。第四に、制度の質がIW変化に与える影響を検討する。最後に、IWの道徳哲学的位置づけを検討する。

Outline of Final Research Achievements

The value of the change in inclusive wealth, which aggregates produced, human, and natural capital, is considered to be an indicator of sustainability. This study analyzes its macroeconomic significance. First, we updated the Hartwick rule, which expresses the relationship between changes in wealth and changes in consumption. It turned out that investment per capita and change in wealth per capita necessary to sustain consumption per capita are affected by current and future population forecasts, and that investment may have been insufficient in some countries in recent years. We also identified the impact of the components of the social discount rate on wealth and wealth change. We also analyzed the impact of institutional quality on changes in natural capital. Furthermore, we formulated, partially using moral philosophical thoughts, capital utilization as a kind of institution, and showed that it matters to distinguish between available and utilized capital.

Academic Significance and Societal Importance of the Research Achievements

1人当たり世代間福祉を持続させる基準(ジェニュイン・セイビング)では、貧困国で投資が不足することは知られていたが、人口が変化するとき1人当たり消費が持続するかどうかは別問題である。そこで本研究では、1人当たり消費を持続させる条件を明らかにした上で、人口予測データを用いて主要国における投資の水準を計測した。将来人口増加が予測され、消費・賃金ギャップが大きい国では(先進国も含む)、1人当たり投資が不足する可能性が示された。これは、将来の人口予測を含めて持続可能性を判定する重要性を示している。
また、割引率や制度の質が持続可能性に与える影響、費用便益分析への適用は、研究継続が必要な重要な論点である。

Report

(4 results)
  • 2021 Annual Research Report   Final Research Report ( PDF )
  • 2020 Research-status Report
  • 2019 Research-status Report
  • Research Products

    (24 results)

All 2021 2020 2019 Other

All Int'l Joint Research (4 results) Journal Article (3 results) (of which Peer Reviewed: 3 results,  Open Access: 3 results) Presentation (16 results) (of which Int'l Joint Research: 16 results,  Invited: 1 results) Remarks (1 results)

  • [Int'l Joint Research] University of Oslo(ノルウェー)

    • Related Report
      2021 Annual Research Report
  • [Int'l Joint Research] Queen’s University(カナダ)

    • Related Report
      2021 Annual Research Report
  • [Int'l Joint Research] University of Cambridge(英国)

    • Related Report
      2021 Annual Research Report
  • [Int'l Joint Research] Cambridge University(英国)

    • Related Report
      2020 Research-status Report
  • [Journal Article] Genuine Savings and Sustainability with Resource Diffusion2021

    • Author(s)
      Yamaguchi, Rintaro
    • Journal Title

      Environmental and Resource Economics

      Volume: 80 Issue: 2 Pages: 451-471

    • DOI

      10.1007/s10640-021-00592-8

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Spatial discounting of ecosystem services2020

    • Author(s)
      Rintaro Yamaguchi and Payal Shah
    • Journal Title

      Resource and Energy Economics

      Volume: 62 Pages: 101186-101186

    • DOI

      10.1016/j.reseneeco.2020.101186

    • Related Report
      2020 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] Available capital, utilized capital, and shadow prices in inclusive wealth accounting2020

    • Author(s)
      Yamaguchi Rintaro
    • Journal Title

      Ecological Economics

      Volume: 169 Pages: 106525-106525

    • DOI

      10.1016/j.ecolecon.2019.106525

    • Related Report
      2019 Research-status Report
    • Peer Reviewed / Open Access
  • [Presentation] The wealth-income ratio with natural capital2021

    • Author(s)
      Yamaguchi, R.
    • Organizer
      2021 AERE (Association of Environmental and Resource Economists) Summer Conference
    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research
  • [Presentation] The wealth-income ratio with natural capital2021

    • Author(s)
      Yamaguchi, R.
    • Organizer
      22nd Annual BIOECON Conference
    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Population, amenity values, and sustainable development2021

    • Author(s)
      Yamaguchi, R.
    • Organizer
      26th Annual Conference of the European Association Environmental and Resource Economists (EAERE))
    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Discounting, inclusive wealth, and sustainability2021

    • Author(s)
      Rintaro Yamaguchi
    • Organizer
      WEAI Virtual International Conference
    • Related Report
      2020 Research-status Report
    • Int'l Joint Research
  • [Presentation] Spatial discounting of ecosystem services2020

    • Author(s)
      Rintaro Yamaguchi
    • Organizer
      25th Annual Conference of the European Association Environmental and Resource Economists
    • Related Report
      2020 Research-status Report
    • Int'l Joint Research
  • [Presentation] Population, amenity values, and sustainable development: Theory and evidence from genuine savings2020

    • Author(s)
      Rintaro Yamaguchi
    • Organizer
      CREST Workshop on Economics-Engineering Modeling for Global and Long-term Issues: Climate Change, Energy, and Social Development
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research / Invited
  • [Presentation] Corruption, institutions, and sustainable development: Theory and evidence from inclusive wealth2020

    • Author(s)
      Rintaro Yamaguchi
    • Organizer
      Eighth IAERE Annual Conference
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Corruption, institutions, and sustainable development: Theory and evidence from inclusive wealth2019

    • Author(s)
      Rintaro Yamaguchi
    • Organizer
      環境経済・政策学会2019年大会
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Discounting, inclusive wealth, and sustainability2019

    • Author(s)
      Rintaro Yamaguchi
    • Organizer
      XXI Annual BIOECON Conference
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Valuation and discounting of forest ecosystem services2019

    • Author(s)
      Masayuki Sato and Rintaro Yamaguchi
    • Organizer
      XXI Annual BIOECON Conference
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Corruption, institutions, and sustainable development: Theory and evidence from inclusive wealth2019

    • Author(s)
      Rintaro Yamaguchi
    • Organizer
      6th FAERE Annual Conference
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Population, amenity values, and sustainable development: Theory and evidence from genuine savings2019

    • Author(s)
      Rintaro Yamaguchi
    • Organizer
      Singapore Economic Review Conference
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Accounting for unemployed capital in inclusive wealth2019

    • Author(s)
      Rintaro Yamaguchi
    • Organizer
      10th International Conference of the International Society for Industrial Ecology (ISEE)
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Discounting, inclusive wealth, and sustainability2019

    • Author(s)
      Rintaro Yamaguchi
    • Organizer
      24th Annual Conference of the European Association of Environmental and Resource Economists (EAERE)
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Corruption, institutions, and sustainable development: Theory and evidence from inclusive wealth2019

    • Author(s)
      Rintaro Yamaguchi
    • Organizer
      AERE (Association of Environmental and Resource Economists) Annual Summer Conference
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Discounting, inclusive wealth, and sustainability2019

    • Author(s)
      Rintaro Yamaguchi
    • Organizer
      The 7th International Symposium on Environment and Energy Finance Issues (ISEFI)
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Remarks]

    • URL

      http://www.nies.go.jp/social/Available_capital_utilized_capital_and_shadow_prices_in_inclusive_wealth_accounting.html

    • Related Report
      2019 Research-status Report

URL: 

Published: 2019-04-18   Modified: 2023-01-30  

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