Economic Valuation and Environmental Values
AbstractThe origins of both economic and philosophical value theory are examined and shown to be closely related. The status of neo-classical value theory is that it is internally flawed in any attempt to describe the real world. Cost-benefit analysis as it applies to the valuation of environmental agents relies upon the claim that this neo-classical theory has a particular status in optimal welfare maximisation and, therefore, suffers the same problems of internal consistency. Economic valuation of the environment is not a scientific process derived from external law but a social process relying upon social agreement. Alternatives to economic valuation are considered and may possess a more plausible social base. However, all environmental valuation is at odds with beliefs based upon the existence of objective and intrinsic values.
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Bibliographic InfoArticle provided by White Horse Press in its journal Environmental Values.
Volume (Year): 7 (1998)
Issue (Month): 4 (November)
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Web page: http://www.erica.demon.co.uk
economics; axiology; values; cost-benefit analysis; environmental assessment;
Find related papers by JEL classification:
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
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- Brouwer, Roy & van Ek, Remco, 2004. "Integrated ecological, economic and social impact assessment of alternative flood control policies in the Netherlands," Ecological Economics, Elsevier, Elsevier, vol. 50(1-2), pages 1-21, September.
- Ali DOUAI (GREThA-GRES), 2007.
"Wealth, Well-being and Value(s): A Proposition of Structuring Concepts for a (real) Transdisciplinary Dialogue within Ecological Economics,"
Cahiers du GRES, Groupement de Recherches Economiques et Sociales
2007-21, Groupement de Recherches Economiques et Sociales.
- Ali DOUAI (GREThA), 2007. "Wealth, Well-being and Value(s): A Proposition of Structuring Concepts for a (real) Transdisciplinary Dialogue within Ecological Economics," Cahiers du GREThA, Groupe de Recherche en Economie ThÃ©orique et AppliquÃ©e 2007-18, Groupe de Recherche en Economie Théorique et Appliquée.
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