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(From Business Line)
Alternative methodologies have been investigated to give values to the environment and wildlife, says S,Venu.
It is important to demonstrate the economic value of environmental assets as accurately as possible.
CRITICISM of the failure of conventional economics to recognise the impacts of growth upon the environment has led some economics to examine how it can be more inclusive of the environment, and subsequently attempts have been made to develop methodologies to give a value to the environment. One method is based upon expressed consumer preference for the environment, although to many environmentalists the idea of determining its value may seem abhorrent, failing to recognise its intrinsic value.
As Economist Frances Cairncross comments: "Nothing so annoys environmentalists about economists as their attempt to put a price on nature's …