The numbe rof natural resources are mis allocated amd mis used due to lack of private ownership and failure of market. This is very rapidly depleting and degrading the natural resources. It si urgent need of the hour to preserve , conserve and protect the natural resouices, because the number of generations of people whose births will take place. The economic valuation of the natural resources will help in the preservation, conservation, protection and growth of the natural resources.
Technical Report Economic valuation of natural resources in Mozambique. **Ple...
Yes indeed! Natural resource valuation generally conventionally based on market prices determined by demand and supply. For example, the value of wood in market is determined in that manner. If the tree from which the wood is obtained has reached its natural life, how much oxygen it has provided, how much pollutant with CO2 it has taken, how much rainfall it has intercepted and reduced its splash impact, how much overland flow has been restricted by it, how much water it has facilitated to infiltrate to groundwater and finally how much air temperature it has moderate are the services which should be taken into consideration into economic valuation of a natural source, not simply on the basis of demand and supply. Conversely, it must also be taken into consideration use of a natural resource would pollute the environment in terms of social cost and economic cost in terms of money spent on treatment and efficiency of production affected by high morbidity.
You may see the methods of environment valuation(direct & indirect), different methods are used for each environmental resource.
pls contact to Dr P.S.Kamble for additional information regarding this, at Dept of Economics, Shivaji Uni Kolhapur
Economic evaluation is necessary , for reasons that its use is largely unequal despite being commons, and also this unequal utilisation is happening in diverse methods involving conflicting interests. To judge whether a particular utilisation is fair, the next opportunity cost evaluation is necessary, thereby leading us to an economic evaluation of NR. At the WTO, China used the long term economic evaluation method to position it's argument on the grounds of Permanent Sovereignty over Natural Resources.
We are ignoring this important thing which lead us unstable from each and every angle of development.
Economic evaluation is necessary, but it is not the only assessment of a resource that should be done. In some cases the economic evaluation is focused on the potential to extract economic profit from the resource. Additionally there should be other assessments that should be included with the economic assessment to give a more wholistic view of the resource. Things such as environmental assessments, social impact (does a whole community have to be displaced to access the resource), and other assessments should also be considered. They will provide context to the individual data point that an economic assessment will give.
It is an unquestionable fact that the economic development of a country depends on the natural resources available, particularly of its energy resources. To ensure the economic development of a country, you must have an economic evaluation of the use of all available natural resources, particularly energy resources, in order to be able to use them in the most rational and economic way in all key sectors of the country's economic development.
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