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2 results

  • Natural capital and aggregate income growth

  • Dale T. Manning, Edward B. Barbier
  • Journal:
    Environment and Development Economics / Volume 30 / Issue 2 / April 2025
    Published online by Cambridge University Press:
    27 December 2024, pp. 155-174

  • We explore the theoretical conditions in which natural capital improves explanations of aggregate income growth from factor changes. With positive total factor productivity (TFP) growth, including natural capital better explains growth if natural capital growth rates exceed physical capital growth rates. With negative TFP growth and higher natural capital growth rates, natural capital worsens explanations of growth. Using a comprehensive dataset on natural resource stocks and income shares in GDP, we perform an empirical analysis with 99 countries over three time periods between 2001 and 2015 and find that 41 per cent of country-time periods meet the conditions for improved growth explanation with natural capital. Of these, 59 per cent occur because TFP growth is negative, and physical capital growth exceeds that of natural capital. In these cases, including natural capital simultaneously reduces bias in factor shares and TFP estimates and improves the share of growth explained by changes in factors.

  • 7 - Health, Human Capital, and Its Contribution to Economic Growth

  • Edited by Shawna Grosskopf, Oregon State University, Vivian Valdmanis, Western Michigan University, Valentin Zelenyuk, University of Queensland
  • Book:
    The Cambridge Handbook of Healthcare
    Published online:
    21 November 2024
    Print publication:
    28 November 2024, pp 185-216

  • Summary

    This chapter proposes a framework for estimating the investment in human capital from health improvement or activities that improve life expectancy and reduce morbidity rates. The measurement framework builds on and extends the Jorgenson-Fraumeni income-based approach for estimating human capital to account for the effect of health on human capital. This economic approach to measuring health human capital differs from the welfare-based approach that estimates the economic effect of health improvements on the quality of life and well-being of individuals. The framework is then implemented for Canada, and the investment in health human capital for the period from 1970 to 2020 is estimated. The estimated investment in health human capital based on the income approach was found to be lower than health expenditures in Canada. This suggests that much of the health expenditures should be classified as consumption rather than as an investment that increases earnings.