To economists and policy makers, the term “New West” describes a region that is experiencing increasing demand for amenities from natural resources—demand for more open space, scenic beauty, and relatively untouched landscapes.1 The “Old West,” in contrast, was based on demand for commodities such as timber, agriculture, and minerals. The Old West is illustratedContinue reading “Capturing the Wealth of Nature”
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Quantifying the Wealth of Nature
To many, the terms ecosystem services and ecosystem valuation sound obscure and complex. But for a growing number of economists, government officials, and financiers, quantifying the benefits of clear-running streams, standing forests, and other natural processes is an idea whose time has come. The Economist (2005) recently devoted a cover story to the challenges ofContinue reading “Quantifying the Wealth of Nature”
Distorting the Wealth of Nature
By Thomas Tanton There are too many forms of subsidies and favoritism to determine accurately which energy sources get the best treatment. But those who argue that their technology should receive more in order to compensate for another technology’s subsidies are being disingenuous. When Congress debates energy policy every few years, long-simmering battles over subsidiesContinue reading “Distorting the Wealth of Nature”
Marketing the Wealth of Nature
The kayak slides quietly through the tannic waters of a creek flowing into Western Lake, a rare freshwater coastal dune lake along the shores of the Gulf of Mexico. Up ahead, perched on a cypress snag, a blue heron plays the role of lonely sentinel guarding this piece of wild Florida. As I passContinue reading “Marketing the Wealth of Nature”
Betting on the Wealth of Nature
Simon’s claims can now be put to the test for the entire twentieth century. Despite ups and downs in prices over the course of the past century, a wager in 1900 would have been won in 1999 by the person who predicted a decrease in natural resource prices. (Prices are adjusted for inflation using 1998Continue reading “Betting on the Wealth of Nature”
Old Becomes New Again
The latest trend in furniture appears to be environmentally sound, remarkably inventive, and priced considerably higher than the wares at Pier 1. Coat racks made from steel rebar, light fixtures from wooden pallets, and headboards from rusty garden gates are all the rage. This reclaimed-object furniture was once the decor of necessity for struggling collegeContinue reading “Old Becomes New Again”
Soot-Free in Montana
Libby, Montana, a town of about 8,000 residents located in the northwest corner of this giant state, is probably best known for its health problems related to asbestos. But its troubles don’t end there. In this remote and economically depressed area, residents often rely on wood stoves for heat. The result is air pollution thatContinue reading “Soot-Free in Montana”
Superb Wines from Green Acres
In years past, the most prestigious wineries in Napa Valley, Calif., were the most pristine. Not a weed to be seen, just a perfect monoculture—row upon row of meticulously tended grape vines. Today, one of Napa Valley’s premier wineries, Shafer Vineyards, is boasting a new look. Its appearance is trashy, chaotic, and unkempt. Growing amongContinue reading “Superb Wines from Green Acres”
Carpet Scrap Power
Although the idea has been around for a long while, carpet manufacturers in Dalton, Georgia, the “Carpet Capital of the World,” think they have finally got it right this time. For years, the industry has sought a way to power its carpet and rug factories with the wasted rejects, overruns, and scraps that are anContinue reading “Carpet Scrap Power”
Clean Air, Expensive Houses
The Environmental Protection Agency has been regulating air pollution in the United States for more than thirty years. Thus far, we know remarkably little about what benefits we are getting for the $30-plus billion the nation spends each year on this endeavor. Recent research by Kenneth Chay and Michael Greenstone (2005) has made an importantContinue reading “Clean Air, Expensive Houses”