ABSTRACT
This chapter considers the valuation of KN at the macroeconomic level. It focuses on the utilisation of KN and stock estimates. One of the important arguments in the resource scarcity debate has been the concurrence that improvements in technology would offset the constraints imposed by scarcity by enabling greater efficiency of resource utilisation. The downward trend is more significant in Australia than in South Korea. This observation implies that improvements in the efficiency of KN utilisation are in effect at least with reference to greenhouse gas emissions and the use of the air shed as a sink for KN. The analysis of efficiency ratios reveals that much effort needs to be expended on the area of environmental capital efficiency. As indicated, although efficiency gains have been very significant in the utilisation of KM, these have been lacking with respect to KN.
