Futurism for Economic Valuation

Abstract

Over the last decades, human beings have degraded natural resources faster and more broadly than in any comparable period of time in human history. There is a major concern about natural resources degradation caused largely by the development. We have other needs beside natural resources. The valuation methods tell us although many individuals benefit from development plans that lead to natural resources degradation or the loss in ecological services, the costs borne by society of these development plans are often higher. It is a kind of cost-benefit analysis (CBA).Unfortunately; externalities are not included in CBA classic studies. A full economic evaluation approach is essential to determine the monetary value of environmental properties. It is used to calculate the net social benefit of a land use or a development project. Ecosystem valuation represents the method of stating a price for ecosystem goods or services. The “economic valuation”(EV) as an effort to allocate quantitative values to the goods and services offered by environment and natural resources, whether or not market prices are available to help us. We anticipate EV will replace with CBA in the environmental studies management like environmental impact assessment procedure because its capabilities.