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The role of natural capital in supporting national income and social welfare

Ambrey, Christopher L; Fleming, Christopher Mark; Manning, Matthew

Description

Using life satisfaction as a proxy for social welfare, this study contributes to the extant literature by empirically demonstrating that natural capital contributes to social welfare, functioning in part through increasing national income and in part through its direct effect on life satisfaction; the direct effect is approximately 40% greater than the indirect effect. This suggests that the true welfare benefits of natural capital may not be adequately reflected in conventional economic data...[Show more]

dc.contributor.authorAmbrey, Christopher L
dc.contributor.authorFleming, Christopher Mark
dc.contributor.authorManning, Matthew
dc.date.accessioned2016-02-24T22:41:23Z
dc.identifier.issn1350-4851
dc.identifier.urihttp://hdl.handle.net/1885/98667
dc.description.abstractUsing life satisfaction as a proxy for social welfare, this study contributes to the extant literature by empirically demonstrating that natural capital contributes to social welfare, functioning in part through increasing national income and in part through its direct effect on life satisfaction; the direct effect is approximately 40% greater than the indirect effect. This suggests that the true welfare benefits of natural capital may not be adequately reflected in conventional economic data and, therefore, studies seeking to evaluate the contribution of natural capital to human well-being should consider employing data sets that capture subjective elements of welfare. The magnitudes of the reported marginal effects of natural capital on social welfare, however, are small. This is perhaps due to the fact that (1) there are shortcomings in the measure of natural capital; (2) life satisfaction effects are unlikely to reflect the poorly understood benefits that natural capital provides; and (3) keystone species (such as mosquitoes) and integral ecosystems (such as wetlands) may be negatively associated with life satisfaction, even though such components of natural capital are vitally important to sustaining ecosystems and human life
dc.publisherRoutledge, Taylor & Francis Group
dc.sourceApplied Economics Letters
dc.titleThe role of natural capital in supporting national income and social welfare
dc.typeJournal article
local.description.notesImported from ARIES
local.identifier.citationvolume23
dc.date.issued2015
local.identifier.absfor140299 - Applied Economics not elsewhere classified
local.identifier.absfor160201 - Causes and Prevention of Crime
local.identifier.absfor160510 - Public Policy
local.identifier.ariespublicationU3488905xPUB6711
local.type.statusPublished Version
local.contributor.affiliationAmbrey, Christopher L, Griffith University
local.contributor.affiliationFleming, Christopher Mark, Griffith University
local.contributor.affiliationManning, Matthew, College of Arts and Social Sciences, ANU
local.description.embargo2037-12-31
local.bibliographicCitation.issue10
local.bibliographicCitation.startpage1
local.bibliographicCitation.lastpage6
local.identifier.doi10.1080/13504851.2015.1102839
dc.date.updated2019-03-12T07:25:50Z
local.identifier.scopusID2-s2.0-84946434647
local.identifier.thomsonID000374653600009
CollectionsANU Research Publications

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