Abstract We construct long-run sustainability indicators based on changes in Comprehensive Wealth - which we refer to as Genuine Savings (GS) - for Germany over the period 1850-2000. We find that German sustainability indicators are positive for the most part, although they are negative during and after the two World Wars and also the Great Depression. We also test the relationship between these wealth changes and a number of measures of well-being over the long-run: changes in consumption as well as changes in average height and infant mortality rates. We find a positive relationship between GS and our well-being indicators over different time horizons, however, the relationship breaks down during WWII. We also test if the GS/Comprehensive Wealth framework is able to cope with massive disinvestment at the end of the Second World War due to war-related destructions and dismantlement. We find that negative rates of GS were by and large avoided due to the accumulation of technology and growth-friendly institutions. We demonstrate the importance of broader measures of capital, including measures of technological progress, and its role in the process of economic development; and the limits of conventional measures of investment to understand why future German consumption did not collapse.

中文翻译：

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长期可持续发展核算：德国的经验教训

摘要我们根据1850-2000年间德国的综合财富（即我们的真实储蓄）变化，构建了长期可持续性指标。我们发现，德国的可持续性指标在大多数情况下是积极的，尽管在两次世界大战以及大萧条期间和之后都是消极的。我们还测试了这些财富变化与从长远来看的一系列福利指标之间的关系：消费变化以及平均身高和婴儿死亡率的变化。在不同的时间范围内，我们发现GS与我们的健康指标之间存在正相关关系，但是，这种关系在第二次世界大战期间破裂了。我们还测试了GS /综合财富框架是否能够应对由于与战争有关的破坏和拆除而在第二次世界大战结束时进行的大规模投资。我们发现，由于技术的积累和发展友好的机构，基本上避免了GS的负利率。我们证明了更广泛的资本措施（包括技术进步措施）的重要性及其在经济发展过程中的作用；以及传统投资手段的局限性，以了解为什么德国未来的消费没有崩溃。包括技术进步的措施及其在经济发展过程中的作用；以及传统投资手段的局限性，以了解为什么德国未来的消费没有崩溃。包括技术进步的措施及其在经济发展过程中的作用；以及传统投资手段的局限性，以了解为什么德国未来的消费没有崩溃。