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Exercise 3.3 Thinking Economically

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Imagine a scenic canyon, visited by many local people as well as tourists from beyond the local area. Consider a scenario in which a mining company has proposed to the local authority that it be closed to the public and put into the production of coal. Thinking in terms of economics as a way of adjudicating the relative value of one use of the canyon over the other, what would you need to know in order to make a comparison or assessment? What kinds of quantitative data would inform your decision, and where might they come from? What kinds of things might you need to know that are hard to measure? Once you have listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?

Environment and Society

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