cover image: The Inclusion of Natural Resource Wealth in the Index of Economic Well-Being

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The Inclusion of Natural Resource Wealth in the Index of Economic Well-Being

17 Jul 2017

This report presents augmented estimates of the Index of Economic Well-being (IEWB) for 14 OECD countries for the 1980-2013 period. The new estimates account for the inclusion of an internationally comparable measure of natural resource wealth which had been absent from previous IEWB reports. It finds that in 2013 Norway had the highest level of economic wellbeing and Spain the lowest. Despite being a resource rich country, Canada ranked eleventh among the fourteen countries for economic well-being. Australia ascended the most in the Index of Economic Well-being rankings with the inclusion of natural resource wealth, rising from seventh to fourth. A case study on the sensitivity of Norway’s natural capital to oil prices revealed that Norway’s first place ranking in the Index of Economic Well-being is robust to volatility in resource prices.
sustainable development environment economics economy water gross domestic product natural resources canada australia denmark economic growth mathematics prices social sciences valuation discounting sustainable gdp commodity economic inequality gdp per capita present value capital (economics) economic rent social discount rate discounted
Pages
31
Published in
Ottawa, ON, CA

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