Publication:
How Substitutable Is Natural Capital?

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dc.contributor.authorMarkandya, Anil
dc.contributor.authorPedroso-Galinato, Suzette
dc.date.accessioned2012-06-22T19:18:53Z
dc.date.available2012-06-22T19:18:53Z
dc.date.issued2006-01
dc.description.abstractOne 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2006/01/6523016/substitutable-natural-capital
dc.identifier.doi10.1596/1813-9450-3803
dc.identifier.urihttps://hdl.handle.net/10986/8827
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper; No. 3803
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectABSOLUTE VALUE
dc.subjectACCOUNTABILITY
dc.subjectACCOUNTING
dc.subjectAMOUNT OF LAND
dc.subjectASSETS
dc.subjectCAPITAL INPUT
dc.subjectCAPITAL-LABOR
dc.subjectCO2
dc.subjectCONSTANT ELASTICITY
dc.subjectCROSS-SECTION DATA
dc.subjectDEPENDENT VARIABLE
dc.subjectECONOMETRIC ANALYSIS
dc.subjectECONOMIC EFFECTS
dc.subjectECONOMIC FACTORS
dc.subjectECONOMIC FRAMEWORK
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC INDICATORS
dc.subjectECONOMIC REVIEW
dc.subjectECONOMIC STUDIES
dc.subjectECONOMIC THEORY
dc.subjectELASTICITY
dc.subjectELASTICITY OF SUBSTITUTION
dc.subjectEMPIRICAL ESTIMATION
dc.subjectEMPIRICAL WORK
dc.subjectEXPLANATORY VARIABLES
dc.subjectEXPORTS
dc.subjectFACTOR DEMAND
dc.subjectFINANCIAL DEPTH
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFUNCTIONAL FORM
dc.subjectFUNCTIONAL FORMS
dc.subjectGDP
dc.subjectGROSS OUTPUT
dc.subjectHUMAN CAPITAL
dc.subjectINCOME
dc.subjectINCOME PER CAPITA
dc.subjectINSTITUTIONAL DEVELOPMENT
dc.subjectINSURANCE
dc.subjectLABOR INPUT
dc.subjectLABOR PRODUCTIVITY
dc.subjectLEVEL OF OUTPUT
dc.subjectLEVELS OF CAPITAL
dc.subjectLOW INCOME
dc.subjectMACROECONOMICS
dc.subjectMARKET VALUE
dc.subjectMATHEMATICAL ECONOMICS
dc.subjectNATIONAL INCOME
dc.subjectNATURAL RESOURCES
dc.subjectNEGATIVE ELASTICITY
dc.subjectNEOCLASSICAL MODEL
dc.subjectPOLICY RESEARCH
dc.subjectPOLITICAL INSTABILITY
dc.subjectPOSITIVE IMPACT
dc.subjectPRESENT VALUE
dc.subjectPRICE CHANGES
dc.subjectPRICE ELASTICITY
dc.subjectPRICE ELASTICITY OF DEMAND
dc.subjectPRIVATE SECTOR
dc.subjectPRODUCTION FUNCTION
dc.subjectPRODUCTION FUNCTIONS
dc.subjectPRODUCTION INPUTS
dc.subjectPROPORTIONAL CHANGE
dc.subjectREGRESSION RESULTS
dc.subjectRELATIVE PRICES
dc.subjectRENEWABLE ENERGY
dc.subjectSIGNIFICANT CORRELATION
dc.subjectSIGNIFICANT IMPACT
dc.subjectSIGNIFICANT RELATIONSHIP
dc.subjectSUBSTITUTION RESPONSES
dc.subjectWEALTH
dc.titleHow Substitutable Is Natural Capital?en
dspace.entity.typePublication
okr.crossref.titleHow Substitutable Is Natural Capital ?
okr.date.doiregistration2025-04-10T09:44:10.772238Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2006/01/6523016/substitutable-natural-capital
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticePoverty
okr.globalpracticeEnvironment and Natural Resources
okr.globalpracticeFinance and Markets
okr.guid611341468315851046
okr.identifier.doi10.1596/1813-9450-3803
okr.identifier.externaldocumentum000016406_20060109154722
okr.identifier.internaldocumentum6523016
okr.identifier.reportWPS3803
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2006/01/09/000016406_20060109154722/Rendered/PDF/wps3803.pdfen
okr.topicEconomic Theory and Research
okr.topicBanks and Banking Reform
okr.topicPoverty Reduction::Inequality
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicClimate Change
okr.topicEnvironment
okr.topicFinance and Financial Sector Development
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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