How substitutable is natural capital ? / Anil Markandya and Suzette Pedroso-Galinato.
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TextSeries: Policy research working papers (Online) ; 3803.Publication details: Washington, D.C. : World Bank, 2005 Description: 19 p. ; 23 cmSubject(s): Natural resources | Substitute products | Substitution (Economics)DDC classification: 333.7 LOC classification: HG3881.5.W57Also available in print.Abstract: "One of the recurring themes in the sustainability literature has been the legitimacy of using an economic framework to account for natural resources. This paper examines the potential for substituting between different inputs in the generation of income, where the inputs include natural resources such as land and energy resources. A nested constant elasticity of substitution (CES) production function is used to allow flexibility in the estimated elasticities of substitution. Also, with this specification, natural resources and other inputs are combined in different levels of the function, thus allowing for different levels of substitutability. Institutional and economic indicators are also incorporated in the production function estimated. Results show that the elasticities derived from functions involving land resources were generally around one or greater, implying a fairly high degree of substitutability. Furthermore, changes in trade openness and private sector investment have a statistically significant and direct relationship with income generation. No statistically significant relationship between income and any of the institutional indicators was found. "--World Bank web site.
| Item type | Current library | Call number | Status | Notes | Date due | Barcode |
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Bangladesh Public Administration Training Centre Library General Reading Room | 333.7 MAH 2005 (Browse shelf(Opens below)) | Available | Zahid | WB3875 |
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| 333.7 KOE 2000 Environmental economics / | 333.7 KUB 2004 Biodiversity & environment / | 333.7 LEE 1996 Energy-environment linkages in the urban sector / | 333.7 MAH 2005 How substitutable is natural capital ? / | 333.7 MET 1995 Methods of environmental impact assessment / | 333.7 MIR 2002 Resource and environmental management / | 333.7 MOR 1981 Renewable resource utilization for development / |
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Includes bibliographical references.
"One of the recurring themes in the sustainability literature has been the legitimacy of using an economic framework to account for natural resources. This paper examines the potential for substituting between different inputs in the generation of income, where the inputs include natural resources such as land and energy resources. A nested constant elasticity of substitution (CES) production function is used to allow flexibility in the estimated elasticities of substitution. Also, with this specification, natural resources and other inputs are combined in different levels of the function, thus allowing for different levels of substitutability. Institutional and economic indicators are also incorporated in the production function estimated. Results show that the elasticities derived from functions involving land resources were generally around one or greater, implying a fairly high degree of substitutability. Furthermore, changes in trade openness and private sector investment have a statistically significant and direct relationship with income generation. No statistically significant relationship between income and any of the institutional indicators was found. "--World Bank web site.
Also available in print.
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