Ecological Services What Is the Actual Retail Price

Ecological Services: What is the actual retail price?
Phillip A. Liebig

Ecological Services: What is the actual retail price?

Phillip A. Liebig

Columbia Southern University

Can we clearly assess a monetary value on something that either degrades or improves environmentally every day? Considerable progress over the last decade establishing techniques linking ecological adjustment to human welfare seems to think so. What good is scenery, recreation and good air quality to prosperous investment, if we can’t decide how much money to make the check out for? Is it necessary to explore a different approach?

Assigning a figure for ecological replacement has to ideally be valued by how much welfare it provides the economy in whole. In this particular scenario, the Gulf of Mexico, we must take into account the Fishing and Tourism industries present value of over $8 billion, annually. The progression of determining methods such as estimating replacement cost of the least expensive technical fix, or actual revealed preference involving median value of purchases pertaining to the ecosystems dependable industry income – events such as the BP oil spill would come into variable assessment also seasonable variable when average consumers are not in the market for beach get-a-ways.

Monetary approaches are attractive and often persuading techniques, especially when we use them for preserving or rebuilding our ecological services. Unfortunately, it seems these strategies have become unnecessary due to the implications that complex decisions with important environmental impacts seem to be based without dynamic. Considering existing global legislators incorporate a more rounded system of criteria for economic relief, the use of impact assessment and multiattribute decision-making represent a wiser and more complete approach to, otherwise defined counter-productivity relying exclusively on capitalist contributions.