ABSTRACT
The economics of restoration is a brand new field of investigation. The term is broadly used to imply the application of economic tools and principles, specifically pertaining to environmental resource and ecological economics, to the subject matter and discipline of restoration ecology, including the restoration of natural capital. Blignaut et al. pointed out that both Millennium Ecosystem Assessment (MA) and The Economics of Ecosystems and Biodiversity project (TEEB) have done much to advance both the thinking and application of economics of restoration. One of the main objectives of economic development is the preservation and enhancement or generation of income. That is the essence of what the gross domestic product (GDP) of a country is. It is income that is generated within a country during a specific period of time. Modern economics, however, has developed in such a way through the philosophy and application of the theory of maximisation of individual utility that economics no longer concerns itself with instrumental values.
