Despite its importance, regular measurement of the value of natural resources at national level is still in its infancy and often disconnected from valuation approaches for other assets. We show that there exists a consistent approach towards valuation that applies to subsoil assets and produced...

This paper presents a productivity growth measure that explicitly accounts for natural capital as an input factor and for undesirable goods, or “bads”, as an output of the production process. The discussion focuses on the extension of productivity measurement for bad outputs and estimates of...