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 "Quantifying the Wealth of Nature"
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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 "Quantifying the Wealth of Nature"
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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 "Quantifying the Wealth of Nature"
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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 "Quantifying the Wealth of Nature"
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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 "Quantifying the Wealth of Nature"
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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 "Quantifying the Wealth of Nature"
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Eighteen young conservationists spent the month of June in Bozeman, Montana, attending the Kinship Conservation Institute. At KCI they learned about, discussed, and critiqued free market environmentalism. PERC has teamed up with the Kinship Foundation to produce this unique program for the past five years. During the month Kinship fellows heard lectures on topics suchContinue reading "Quantifying the Wealth of Nature"
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Mark Sagoff’s piece, ‘The Catskills Parable,’ (June 2005) recounted the decision of New York City to invest in land management and infrastructure changes in the Catskills and Delaware watersheds rather than build a water treatment plant. Sagoff makes a number of factual corrections that improve the accuracy of the Catskills story (e.g., more funds haveContinue reading "Quantifying the Wealth of Nature"
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From Jim Salzman, Professor of Law, Nicholas Institute, Professor of Environmental Policy, Duke University
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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 "Quantifying the Wealth of Nature"
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