Hawai'i Outlook: Road to Recovery Carl Bonham Hawaii Economic ...

Hawai'i Outlook: Road to Recovery Carl Bonham Hawaii Economic ...

Sustainable Development and Economic Performance Kimberly Burnett March 21, 2007 State Income Accounting Measures Economic Activity Narrowly Defined March 21, 2007 http://www.uhero.hawaii.edu But this Measure misses many Aspects of Human Welfare March 21, 2007

http://www.uhero.hawaii.edu Biodiverse and Healthy Watersheds? March 21, 2007 http://www.uhero.hawaii.edu Oahu Pigs March 21, 2007 http://www.uhero.hawaii.edu Maui Goats

Photo credit: JB Friday March 21, 2007 http://www.uhero.hawaii.edu Or Degraded Watersheds? Nu`uanu 1920 March 21, 2007 http://www.uhero.hawaii.edu Depreciation of Infrastructure + Watershed Degradation = Sewage Spills

March 21, 2007 http://www.uhero.hawaii.edu Sediment plumes March 21, 2007 http://www.uhero.hawaii.edu Fish kills March 21, 2007 http://www.uhero.hawaii.edu

The Economy NATURE Wastes Firms (production) Inputs Resource inputs THE ECONOMY Households

Impacts on biodiversity Outputs Amenity values (consumption) Global life-support March 21, 2007 http://www.uhero.hawaii.edu Environomy NATURE

Wastes Firms (production) Inputs Resource inputs THE ECONOMY Households Impacts on biodiversity

Outputs Amenity values (consumption) Global life-support March 21, 2007 http://www.uhero.hawaii.edu The Components of GSP Gross State Product (GSP) is the sum of the following: Consumption (C) Investment (I) Government Expenditures (G) Net Exports (NE)

GSP = C + I + G + NE March 21, 2007 http://www.uhero.hawaii.edu GSP and its Components Consumption 3% 40% 40% Investment

Government expenditures Net exports 17% March 21, 2007 http://www.uhero.hawaii.edu GSP to NSP to GNSP Another measure is Net State Product, which deducts capital depreciation from GSP NSP = C + I + G + NE CD Green NSP measures environomy. From NSP, subtract

Depreciation of natural capital (biodiversity, aquifers, reefs) Defensive expenditures (scrubbers on smokestacks to reduce pollution) Falsely included in NSP in the first place Subtract again to better reflect net increase in welfare Residual damages from pollution, congestion, and ecological damages (flooding, sewage spills, leptospirosis) GNSP = C + I + G + NE CD (NCD + 2DE + RPD) March 21, 2007 http://www.uhero.hawaii.edu Case study Ko`olau forested watershed Amenity

NPV, in millions Method Groundwater quantity $4570 Lost recharge Water quality $83.7 $394 Averted dredging costs In-stream uses

$82.4 Survey on single fish species Species habitat $487 Survey on single bird species Biodiversity $0.6 $5.5 Average cost listing 11 Ko`olau plant species

Subsistence $34.7 Replacement value, pigs Hunting $62.8 Hunting expenditures Aesthetic values $1040

Survey Commercial harvests $0.6 Koa harvest Ecotourism $1000 Ecotourism expenditures Climate control

$82.2 Replacement cost, carbon sequestration TOTAL $7.4 $7.8 billion March 21, 2007 http://www.uhero.hawaii.edu Sustainable/Green Income Accounting Would include depreciation of natural capital,

pollution damages Better indicator of levels-of-living, forward-looking welfare GNSP reflects the performance of the environomy March 21, 2007 http://www.uhero.hawaii.edu

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