In resource accounting, simple theoretical models built upon efficiency prices have been developed to capture changes in social welfare generated by natural resources. We examine whether changes in market stumpage prices, as proxies for efficiency prices, have actually reflected changes in the...

Resource accounting involves complementing conventional national accounts with changes in environmental and natural resource capital valued in monetary terms. By adopting the Ramsey device of "Bliss", we derive a theoretically consistent environmentally adjusted NDP (Net Domestic Product)...