ABSTRACT
The term ‘environmental’ economics has entered economics literature only since the early 1970s. It is used generically to embody not only the analysis of the use of exhaustible energy and productive resources (conservation economics) but also amenity use of natural resources (leisure economicsembracing sport, recreation and tourism), as well as in the accepted sense of investigating the economic role of the environment and the associated causes and impact of its degradation through over-use or pollution, or even government policy. Additionally, it is concerned with the instruments for dealing with the impact of these activities, for example, combating pollution. As the natural environment is largely an open access resource, the subject also covers the valuation of both the non-priced and non-use goods and services it provides.
