Place of nature in economic development
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Date
2009
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SANDEE, Kathmandu, NP
Abstract
In the presence of externalities involving nature's services, individuals and communities overexploit natural capital. In other words ecological services are subsidized. This working paper proposes a mathematical model that factors in values of social and environmental costs/benefits. Nature consists of degradable resources: resource stocks are self-regenerative, but suffer from depletion or deterioration when they are over-used. Extreme poverty is frequently associated with a degraded environment. Studies confirm that the world's poorest people live in especially fragile natural environments. When policies are evaluated a social cost-benefit analysis must be included.
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Keywords
COMMON PROPERTY RESOURCES, ENVIRONMENTAL ECONOMICS, NATURAL RESOURCES, RESOURCES MANAGEMENT, SOUTH ASIA, ECONOMIC DEVELOPMENT, MATHEMATICAL MODEL, GROSS DOMESTIC PRODUCT, FINANCIAL POLICY, DEVELOPMENT ECONOMICS