Hamilton and Clemens (1999) have provided estimates of genuine saving in a number of countries. Among the resources that make up natural capital, only forests, oil and minerals, and pollution were included (not included were such vital resources as water). So there is an undercount. Moreover, the accounting prices used to value natural capital were crudely estimated. Nevertheless, one has to start somewhere. The figures imply that sub-SaharanAfrica, theMiddle East, Pakistan, and Bangladesh have been depleting their capital assets over several decades: they are becoming poorer even if their GNP per capita are increasing. The data are far too crude to indicate if this has been the case as.
