Description
This World Bank report describes itself as a "comprehensive snapshot of wealth for 120 countries at the turn of the millennium." Monetary assessments are made of the produced, natural, and intangible wealth for low-, mid-, and high-income countries. Total wealth is estimated as the present value of future consumption, produced capital stocks are derived from historical investment data using a perpetual inventory model, natural resource stock values are based upon country-level data on physical stocks and estimates of natural resource rents based on world prices and local costs, and intangible capital is measured as the difference between total wealth and the other produced and natural stocks. Annotation ©2006 Book News, Inc., Portland, OR (booknews.com)
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The book presents estimates of total wealth for nearly 120 countries, using economic theory to decompose the wealth of a nation into its component pieces: produced capital, natural resources and human resources.The wealth estimates provide a unique opportunity to look at economic management from a broader and comprehensive perspective. The book's basic tenet is that economic development can be conceived as a process of portfolio management, so that sustainability becomes an integral part of economic policy making. The rigorous analysis, presented in accessible format, tackles issues such as growth, development and equity.'Where is the Wealth of Nations?' is organized in four sections. The first part introduces the wealth estimates and highlights the main facts on the level and composition of wealth across countries. The second part analyzes changes in wealth and how they matter for economic policy. The third part deals with the level of wealth, its composition and links to growth and inequality. The last part reviews existing applications of resource and environmental accounting.
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