Nature Capital and Wealth in the 21st Century - Technical Appendix

forthcoming in Eastern Economic Journal

Edward B. Barbier
Department of Economics & Finance, University of Wyoming
1000 E. University Ave., Laramie, WY 82055, USA
tel: +1 307 766 2178; fax: +1 307 766 5090; email:


Extending the wealth accumulation model of Piketty and Zucman [2014] to include net depreciation in fossil fuels, minerals and forests produces two key indicators: the net national saving rate adjusted for natural capital depreciation, and the ratio of this rate to long-run growth. These indicators are applied to eight rich economies over 1970-2013 and developing countries for 1979-2013. Whereas in developing economies capital accumulation has largely kept pace with rising natural capital depletion, in the rich countries adjusted net savings have fallen to converge with the rate of natural capital depreciation, suggesting less compensation by net increases in other capital.

JEL: E01, Q01

Keywords: capital, natural capital, national income accounting, natural resources, wealth

The following five Excel spreadsheets comprise the data, six figures and supplementary figures that accompany this article.