With issues like global warming and the loss of biodiversity
becoming increasingly important to policymakers and scientists
worldwide, the issue of sustainability cannot be ignored as we move
toward the twenty-first century.
Not surprisingly, the sustainable management of the biosphere
has in recent years been the subject of much attention among
ecologists, environmental engineers, and other members of the
scientific community. Yet although these issues are clearly rooted
in economic behavior and organization, the question of
sustainability is not one that has been addressed directly by
economists. Now, with "Valuing the Future, " economist Geoffrey
Heal presents a coherent framework for understanding the earth's
future from an economic perspective.
Heal's model begins with a reconciliation of the economist's and
environmentalist's time horizon: in economics, discussions of "the
long run" generally refer to a much shorter timeline than do those
of the earth sciences. The book shows the benefits of viewing the
environment as an economic asset that should be understood as a
part of a nation's income and explains how this approach can lead
to more conservative patterns of resource use.
Stepping beyond merely theoretical generalities, "Valuing the
Future" offers a dynamic new blueprint for comprehending
sustainability. Chapters provide complete mathematical templates
for the valuation of a depletable stock and of renewable resources,
the proper calculation of national income, and the conduct of
cost-benefit analysis. It will be of great value to economic
theorists, environmental economists and policymakers, providing a
powerful new model for scientists concerned with environmental
sustainability.
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