The Inclusive Wealth of Nations

This book argues for a reassessment of the way a nation's wealth is measured that goes beyond the simple measurement of GDP to include on all capital - produced, human, natural and social - that contribute to human well-being and national wealth in the broadest sense. By including natural resources, ecosystems and biodiversity in the measurement of national wealth, inclusive wealth ensures that economic development is sustainable and safeguards future prosperity. The Inclusive Wealth of Nations provides an overview of how economists have viewed economic growth from Adam Smith's early insights to the present. It carefully explains how economists responded to increased critiques of economic growth - the Limits to Growth - in the 1970s and how this laid the foundation for how economists think about sustainable development today. It analyses why economists argue that inclusive wealth should be the measurement used, and also critically evaluates practical applications of this approach. Written in a lively and accessible way, it helps the reader understand how inclusive wealth provides a way of balancing short-term economic gains with long-term sustainability.