In all countries except China, changes in human capital are the most important contributor to comprehensive investment, and these changes outweigh the negative influence of natural capital depletion.
For each country, the value of health capital (the level, not the change) is an order of magnitude larger than the combined value of all other forms of capital....One of our main conclusions is that health capital is very large relative to other forms of capital, and that its growth rate largely determines the growth rate of comprehensive wealth.
Our results imply that the United States, China, and India are, so far, meeting the sustainability criterion. In our estimates, Brazil also meets the requirement, though by a narrow margin. The depletion of Venezuela’s natural resources exceeds its investment in human and reproducible capital. In the United States, China, and India, on the other hand, investment in human capital (primarily in the United States and India) and in reproducible capital (primarily in China) significantly outweigh the adverse wealth effects from natural resource depletion and from higher oil prices to these net importers.