Challenges (Dec 2023)
Regional Wealth Data Acquisition and Modeling: Innovations Needed for Advancement in Sustainable Wealth in Energy-Rich Regions
Abstract
National-level studies present the development techniques and challenges of sustaining energy-rich economies, particularly those in the developing world. However, examples of the application and interpolation of these broad-scale analyses to the regional level are scarce. Conversely, methods used at national levels are often infeasible when using higher-resolution regional or local data. Ultimately, progress in developing, managing, and advancing regional wealth databases and models is significantly missing from the literature. Herein, proposed pathways and general development frameworks are presented based on the presumptive constancy of total capital stock. Processes are outlined for acquiring information (data) and developing models to serve as a basis for qualitative and quantitative analyses of sustainable development policymaking decisions. We present a discussion around the sustainable wealth of energy-rich regions, and we suggest potential workflow methods for developing regional wealth knowledge bases and regional wealth models (RWMs). Structural scaffolding opportunities are presented for the validation of RWMs using pilot studies, followed by the process of disseminating modeling outcomes. Finally, we offer recommendations and needed innovations to advance the development of RWMs. The objectives of this article are not to provide a comprehensive literature review or consider all potential perspectives but rather to identify tools and necessary enhancements to established methods for assessing and modeling regional wealth and provide an inroad for readers wishing to learn more. The increased awareness generated through this article will mobilize assistance and generate new information that will strengthen this emergent area of research to intensify regional wealth sustainability for future generations.
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