Hamilton, Kirk2014-05-132014-05-132000-10https://hdl.handle.net/10986/18301Growth theory provides the intellectual underpinning for expanded national accounting and, through the measure of genuine saving, an indicator of when economies are on an unsustainable development path. This theory points in useful directions for countries concerned with sustainable development. The genuine savings analysis raises an important set of policy questions that goes beyond the traditional concern with the macroeconomic and microeconomic determinants of savings efforts. The questions of rent capture, public investments of resource revenues, resource tenure policies, and the social costs of pollution emissions are equally germane in determining the overall level of saving, although it is clear that monetary and fiscal policy remain the big levers. This analysis also provides a practical way for natural resource and environmental issues to be discussed in the language that ministries of Finance understand. This may prove to be an important advantage as many resource-dependent economies struggle to achieve their development goals.en-USCC BY 3.0 IGOSUSTAINABLE DEVELOPMENTSAVINGSNATIONAL ACCOUNTSMONETARY POLICYFISCAL POLICY ABATEMENT COSTSASSETSCARBONCLOSED ECONOMYCOALCONSUMERSCURRENT EXPENDITURESDAMAGESDOMESTIC SAVINGSECONOMIC GROWTHECONOMIC THEORYECONOMISTSELASTICITYELASTICITY OF SUBSTITUTIONEMISSIONSEMPIRICAL EVIDENCEENVIRONMENTAL ECONOMICSENVIRONMENTAL ISSUESENVIRONMENTAL POLICIESENVIRONMENTAL QUALITYEXPENDITURESEXPLOITATIONEXPORTSFISCAL POLICIESFISCAL POLICYFOREIGN ASSETSGDPGNPGROWTH THEORYHUMAN CAPITALIMPORTSINCOMEINCOME GROUPSINTERMEDIATE INPUTSINTERNATIONAL TRADEMACROECONOMIC POLICIESMACROECONOMIC POLICYMARGINAL COSTMARGINAL PROPENSITY TO CONSUMEMIDDLE INCOME COUNTRIESNATIONAL ACCOUNTINGNATURAL CAPITALNATURAL RESOURCESNET SAVINGSOILPOLLUTIONPOLLUTION ABATEMENTPOLLUTION CONTROLPRESENT VALUEPRODUCTION FUNCTIONPRODUCTIVE ASSETSPROPERTY RIGHTSRENEWABLE RESOURCESRESOURCE USESAVINGSSAVINGS BEHAVIOURSAVINGS RATESSHADOW PRICESSOCIAL COSTSSUSTAINABLE DEVELOPMENTTIMBERTRANSPORTWEALTHFISCAL POLICYABATEMENT COSTS10.1596/18301