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Environmental managment without environmental valuation?


  • Spash, Clive L.


There is a rising tendency for environmental economics to be viewed as exclusively concerned with valuing everything in monetary terms and there are certainly some among its ranks whose own self-interest leads them to preach that line in public. However, acceptance of the many valid criticisms of monetary valuation and our limited understanding of environmental systems makes this extreme untenable as all economists will admit (if some only in private) and which ecological-economics recognises as a central issue. Yet the danger in characterising the preoccupation of economists with monetary valuation as in some sense wrong assumes this is something which can be excluded from resource allocation decisions. The critics of monetary valuation also tend to believe in an unspecified alternative approach which is often associated with scientifically defined limits and cost-effectiveness. The problem explored in this paper is the extent to which a concern for costs and benefits can be excluded from environmental management and if, as argued, a role for valuation is required how can the critics concerns be taken into account in defining that role.

Suggested Citation

  • Spash, Clive L., 1996. "Environmental managment without environmental valuation?," MPRA Paper 18813, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:18813

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    References listed on IDEAS

    1. Robert Ayres & Jörg Walter, 1991. "The greenhouse effect: Damages, costs and abatement," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 1(3), pages 237-270, September.
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    More about this item


    Environmental valuation; cost-benefit analysis;

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology


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