Natural capital, subjective well-being, and the new welfare economics of sustainability: Some evidence from cross-country regressions

摘要: Abstract The measurement of natural capital and its management during the economic development process are important aspects approach to sustainable development. However, assessment social welfare in terms genuine savings (or changes total wealth per capita) is arguably too limited. This paper tries make a case for incorporation subjective well-being measures debates about by exploring macro-level relationship between cross-country setting. It tested whether capita correlated with sample fifty-eight developed developing countries, using data from World Bank's Millennium Capital Assessment. Bivariate regressions indicate that it is. When multiple regression models estimated include (a) major country-level determinants (GNI capita, capital, income distribution, unemployment, inflation), (b) regional dummy variables ex-Soviet Union Latin American positive correlation remains. role outliers carefully explored, sensitivity results use alternative (i.e. life satisfaction, happiness, combined satisfaction happiness index) investigated. does not change nature results. findings strengthen ‘new economics sustainability’ takes into account.