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Bequest Value
Bequest value, in economics, is the value of satisfaction from preserving a natural environment or a historic environment, in other words natural heritage or cultural heritage for future generations. It is often used when estimating the value of an environmental service or good. Together with the existence value, it makes up the non-use value Non-use value is the value that people assign to economic goods (including public goods) even if they never have and never will use it. It is distinguished from use value, which people derive from direct use of the good. The concept is most common ... of such an environmental service or good. References Environmental economics {{econ-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value (economics)
In economics, economic value is a measure of the benefit provided by a goods, good or service (economics), service to an Agent (economics), economic agent. It is generally measured through units of currency, and the interpretation is therefore "what is the maximum amount of money a specific actor is Willingness to pay, willing and able to pay for the good or service"? Among the competing schools of economic theory there are differing Theory of value (economics), theories of value. Economic value is ''not'' the same as Price, market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price. The difference between the value to the consumer and the market price is called "Economic surplus, consumer surplus". It is easy to see situations where the actual value is considerably larger than the market price: purchase of drinking water is one example. Overvi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Environment
The natural environment or natural world encompasses all life, living and non-living things occurring nature, naturally, meaning in this case not Artificiality, artificial. The term is most often applied to the Earth or some parts of Earth. This environment encompasses the interaction of all living species, climate, weather and natural resources that affect human survival and economic activity. The concept of the ''natural environment'' can be distinguished as components: * Complete ecological units that function as natural systems without massive civilized human intervention, including all vegetation, microorganisms, soil, Rock (geology), rocks, Atmosphere of Earth, atmosphere, and natural phenomenon, natural phenomena that occur within their boundaries and their nature. * Universal natural resources and physical phenomena that lack clear-cut boundaries, such as air, water, and climate, as well as energy, radiation, electric charge, and magnetism, not originating from civilize ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Heritage
Natural heritage refers to the sum total of the elements of biodiversity, including flora and fauna, ecosystems and geological structures. It forms part of our natural resources. Definition Heritage is that which is ''inherited'' from past generations, maintained in the present, and bestowed to future generations. The term "natural heritage", derived from "natural inheritance", pre-dates the term "biodiversity". It is a less scientific term and more easily comprehended in some ways by the wider audience interested in conservation. The term was used in this context in the United States when Jimmy Carter set up the Georgia Heritage Trust while he was governor of Georgia; Carter's trust dealt with both natural and cultural heritage. It would appear that Carter picked the term up from Lyndon Johnson, who used it in a 1966 Message to Congress. (He may have gotten the term from his wife Lady Bird Johnson who was personally interested in conservation.) President Johnson signed the W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cultural Heritage
Cultural heritage is the heritage of tangible and intangible heritage assets of a group or society that is inherited from past generations. Not all heritages of past generations are "heritage"; rather, heritage is a product of selection by society. Cultural heritage includes cultural property, tangible culture (such as buildings, monuments, landscapes, books, works of art, and artifacts), intangible heritage, intangible culture (such as folklore, traditions, language, and knowledge), and natural heritage (including culturally significant landscapes, and biodiversity).Ann Marie Sullivan, Cultural Heritage & New Media: A Future for the Past, 15 J. MARSHALL REV. INTELL. PROP. L. 604 (2016) https://repository.jmls.edu/cgi/viewcontent.cgi?article=1392&context=ripl The term is often used in connection with issues relating to the protection of Indigenous intellectual property. The deliberate act of keeping cultural heritage from the present for the future is known as Conservation (cul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quarterly Journal Of Economics
''The Quarterly Journal of Economics'' is a peer-reviewed academic journal published by the Oxford University Press for the Harvard University Department of Economics. Its current editors-in-chief are Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer, and Stefanie Stantcheva. History It is the oldest professional journal of economics in the English language, and covers all aspects of the field—from the journal's traditional emphasis on micro-theory to both empirical and theoretical macroeconomics. Reception According to the ''Journal Citation Reports'', the journal has a 2015 impact factor of 6.662, ranking it first out of 347 journals in the category "Economics". It is generally regarded as one of the top 5 journals in economics, together with the American Economic Review, Econometrica, the Journal of Political Economy, and the Review of Economic Studies. Notable papers Some of the most influential and well-read papers in economics have been published in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Environmental Service
Ecosystem services are the many and varied benefits to humans provided by the natural environment and healthy ecosystems. Such ecosystems include, for example, agroecosystems, forest ecosystem, grassland ecosystems, and aquatic ecosystems. These ecosystems, functioning in healthy relationships, offer such things as natural pollination of crops, clean air, extreme weather mitigation, and human mental and physical well-being. Collectively, these benefits are becoming known as ecosystem services, and are often integral to the provision of food, the provisioning of clean drinking water, the decomposition of wastes, and the resilience and productivity of food ecosystems. While scientists and environmentalists have discussed ecosystem services implicitly for decades, the Millennium Ecosystem Assessment (MA) in the early 2000s popularized this concept. There, ecosystem services are grouped into four broad categories: ''provisioning'', such as the production of food and water; ''regul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Existence Value
Existence values are a class of economic value, reflecting the benefit people receive from knowing that a particular environmental resource, such as Antarctica, the Grand Canyon, endangered species, or any other organism or thing exists. Existence value is a prominent example of non-use value, as they do not require that utility be derived from direct use of the resource: the utility comes from simply knowing the resource exists. The idea was first introduced by John V. Krutilla in his essay "Conservation Reconsidered."John Krutilla: ''Conservation Reconsidered''. In: The American Economic Review, Volume 57, Issue 4, Sep. 1967, pp. 777-786 As the Canadian Privy Council explains existence value is "A concept used to refer to the intrinsic value of some asset, normally natural/environmental. It is the value of the benefits derived from the asset's existence alone. For example, a tree can be valued in a number of ways, including its use value (as lumber), an existence value (simply ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-use Value
Non-use value is the value that people assign to economic goods (including public goods) even if they never have and never will use it. It is distinguished from use value, which people derive from direct use of the good. The concept is most commonly applied to the value of natural and built resources. Non-use value as a category may include: * "option value" – the value placed on individual willingness to pay for maintaining an asset or resource even if there is little or no likelihood of the individual actually ever using it, occurring because of uncertainty about future supply (the continued existence of the asset) and potential future demand (the possibility that it may someday be used). * "bequest value" – values placed on individual willingness to pay for maintaining or preserving an asset or resource that has no use now, so that it is available for future generations. *"Existence value" – an unusual and somewhat controversial class of economic value, reflecting the ben ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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