A New Era of Economic Measurement for the Environment and Natural Capital
- Sponsor
- Agricultural and Consumer Economics (ACE)
- Speaker
- Eli Fenichel, Knobloch Family Professor of Natural Resource Economics, Professor Yale University
- Views
- 75
- Originating Calendar
- ACE Seminars
Abstract:
In January 2023, the U.S. federal government finalized a national strategy to develop natural capital accounts and associated environmental-economic statistics. Implementing natural capital accounts and environmental-economic statistics is, at once, incremental and the logical next step in the evolution of national economic statistics and a nonmarginal, momentous advance. Including natural capital and environmental-economic statistics in the national economic accounts is possible because of new technology, methods, and political will. There is a recognition that this tool is needed to rise to global challenges. Natural capital accounts and environmental-economic statistics will open new doors for researchers, and will require engagement by the research community, because there is still substantial work to do. Here, I provide a brief description of the U.S. national strategy to develop natural capital accounts and associated environmental economic statistics; the context for this national strategy; discuss some potential use cases; and identify potential areas where new research is likely needed.