An Economic Balance Sheet includes conventional assets and liabilities as well as extended portfolio assets and liabilities that are relevant in making asset allocation decisions but do not appear on conventional balance sheets.
For individual investors, extended portfolio assets include human capital, the present value of pension income, and the present value of expected inheritances. The present value of future consumption is an extended portfolio liability.
For an institutional investor, extended portfolio assets might include underground mineral resources or the present value of future intellectual property royalties. Extended portfolio liabilities might include the present value of prospective payouts for foundations, whereas grants payable would appear as conventional liabilities.