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dc.contributor.authorAmbrey, Christopher L
dc.contributor.authorFleming, Christopher M
dc.contributor.authorManning, Matthew
dc.description.abstractUsing life satisfaction as a proxy for social welfare, this study contributes to the extant literature by empirically demonstrating that natural capital contributes to social welfare, functioning in part through increasing national income and in part through its direct effect on life satisfaction; the direct effect is approximately 40% greater than the indirect effect. This suggests that the true welfare benefits of natural capital may not be adequately reflected in conventional economic data and, therefore, studies seeking to evaluate the contribution of natural capital to human well-being should consider employing data sets that capture subjective elements of welfare. The magnitudes of the reported marginal effects of natural capital on social welfare, however, are small. This is perhaps due to the fact that (1) there are shortcomings in the measure of natural capital; (2) life satisfaction effects are unlikely to reflect the poorly understood benefits that natural capital provides; and (3) keystone species (such as mosquitoes) and integral ecosystems (such as wetlands) may be negatively associated with life satisfaction, even though such components of natural capital are vitally important to sustaining ecosystems and human life
dc.relation.ispartofjournalApplied Economics Letters
dc.subject.fieldofresearchApplied Economics not elsewhere classified
dc.subject.fieldofresearchPublic Health and Health Services
dc.subject.fieldofresearchApplied Economics
dc.subject.fieldofresearchBanking, Finance and Investment
dc.titleThe role of natural capital in supporting national income and social welfare
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.facultyGriffith Business School, Department of Accounting, Finance and Economics
gro.description.notepublicThis publication has been entered into Griffith Research Online as an Advanced Online Version.
gro.hasfulltextNo Full Text
gro.griffith.authorAmbrey, Christopher L.
gro.griffith.authorFleming, Christopher
gro.griffith.authorManning, Matthew G.

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