Measuring regional welfare considering natural and cultural resources
Lundgren, Tommy
Cite this item:
Lundgren, T. (2005). Measuring regional welfare considering natural and cultural resources (Economics Discussion Papers Series No. 510). University of Otago. Retrieved from http://hdl.handle.net/10523/1112
Permanent link to OUR Archive version:
http://hdl.handle.net/10523/1112
Abstract:
The aim of this paper is to explore some of the theoretical aspects of measuring welfare in regional economies using a simple dynamic growth model. The focus is on natural and cultural resources, which are treated as capital stocks in the analysis. We use the concept of a social accounting matrix (SAM) to illustrate how the addition of income flows and net changes of various natural and cultural resources can be incorporated into a measure of welfare that is more complete compared to the standard net regional product/income. Furthermore, we propose how the set a theoretically “optimal” subsidy to compensate a cultural sector – in our example engaged in the pastoral activity of reindeer herding - for maintaining and upholding a cultural heritage.
Date:
2005-08
Publisher:
University of Otago
Pages:
26
Series number:
510
Keywords:
capital theory; cultural capital; dynamic economy; natural capital; SAM
Research Type:
Discussion Paper
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