Bioeconomic modelling – An application of environmentally adjusted economic accounts and the computable general equilibrium model
Building on the current international discourse and United Nation's System of Environmental-Economic Accounting (SEEA) this study provides further empirical evidences on how failure to include natural capital resources in national accounting leads to erroneous calculation of macroeconomic estimates. The SEEA methodological framework for integrating natural capital into the System of National Accounts amplifies analytical power of computable general equilibrium (CGE) models and allows to investigate relationship between the economy and the environment.