Economic Values and the Natural World / Edition 1

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In this book, David Pearce addresses one of the single most important issues for economists dealing with environmental problems: how to place economic value on aspects of the natural world.Pearce provides a clear account of the context of and reasons for economic valuation and surveys the economic approaches to placing monetary values on people's preferences for environmental quality. He shows how the different methods have been applied in practice - with numerous detailed case studies and analyses -and explains how the results provide an economic rationale for conserving the environment, whether it is the world's biological diversity or the global atmosphere.David W. Pearce is Professor of Economics at University College London andDirector of the Centre for Social and Economic Research on the Global Environment. He is editor ofThe MIT Dictionary of Modern Economics, coauthor of Blueprint for a Green Economy, and editor ofBlueprint 2: Greening the World Economy.

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Product Details

  • ISBN-13: 9780262660846
  • Publisher: MIT Press
  • Publication date: 8/1/1993
  • Edition description: 1st MIT press ed
  • Edition number: 1
  • Pages: 143
  • Product dimensions: 5.30 (w) x 8.30 (h) x 0.50 (d)

Meet the Author

David W. Pearce is Professor of Economics at University College London and Director of theCentre for Social and Economic Research on the Global Environment. He is editor of The MITDictionary of Modern Economics, coauthor of Blueprint for a Green Economy,and editor of Blueprint 2: Greening the World Economy.

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Table of Contents

List of illustrations
1 The context of economic valuation 1
Scarcity and choice 1
Choice and value 4
Projects, programmes, policies 5
Whose values count? 6
Valuation and the developing world 11
2 What is economic valuation? 13
Total economic value 15
Is total economic value really total? 22
Why derive economic values? 23
3 Valuation and discounting the future 54
Accounting for future generations 55
4 Valuation in practice 63
Setting priorities 63
Finding willingness to pay for conserving environmental assets 64
Valuation and global economic problems 89
5 Conclusions 93
Appendix I Environmental policy as a constraint on economic growth 95
Appendix II Monetary valuation techniques 105
Bibliography 119
Index 127
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