Though scientists and environmentalists have long expressed concern
over the rapid deterioration of the global environment, economists
have largely failed to recognize the issue's relevance to their
field. Salah El Serafy argues for an increased focus on the
economic aspects of environmental degradation, calling for a
fundamental shift in how economists measure and discuss national
income. Through a combination of new material reflecting recent
developments in the field and previously published essays that
provide a history of green accounting, the author emphasizes the
importance of considering natural resources as part of a nation's
economic capital. Setting forth what has become known as the 'El
Serafy Method', this fascinating and complex volume presents both
the justification and the methodology for giving the environment a
place in the global economic conversation. Students, professors,
researchers and policymakers in the field of environmental and
ecological economics will no doubt find much to appreciate in this
thoughtful and comprehensive analysis of the intersection between
economics and the environment.
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