The Non-Market Benefits of Nature: What Should Be Counted in Green GDP?
AbstractGreen gross domestic product (green GDP) is meant to account for nature’s value on an equal footing with the market economy. Several problems bedevil green GDP, however. One is that nature does not come prepackaged in units like cars, houses, and bread. Even worse, green GDP requires measurement of the benefits arising from public goods provided by nature for which there are no market indicators of value. So what should green GDP count? That is the subject of this paper. Ecological and economic theory are used to describe what should be counted—and what should not—if green GDP is to account for the nonmarket benefits of nature.
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Bibliographic InfoPaper provided by Resources For the Future in its series Discussion Papers with number dp-06-24.
Date of creation: 03 May 2006
Date of revision:
green GDP; environmental accounting; ecosystem services; index theory; nonmarket valuation;
Find related papers by JEL classification:
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
- Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
- Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
- D6 - Microeconomics - - Welfare Economics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-05-13 (All new papers)
- NEP-ENV-2006-05-13 (Environmental Economics)
- NEP-PKE-2006-05-13 (Post Keynesian Economics)
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