“As a more inclusive measure of net saving effort, one that includes depletion and degradation of the environment, depreciation of produced assets, and investments in human capital, genuine saving provides a useful indicator of sustainable development. The underlying theory (Hamilton and Clemens 1999) shows that negative rates of genuine saving imply future declines in utility along the optimal growth path for the economy. In the real world these theoretical results imply the common-sense notion that sustained negative rates of genuine saving must lead, eventually, to declining welfare” 
in “Where is the Wealth of Nations? Measuring Capital for the 21st Century THE WORLD BANK, Washington, D.C., 2006.
I wonder when was that common-sense notion overruled, and whether it was due to new findings in economic theory or to new trends in the financial hub.

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