Business

Accounting for natural wealth gains world traction

By Katy Daigle
Published June 18, 2012 2:22am ET
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Accounting for natural wealth gains world traction
In this photo taken on Wednesday, May 13, 2012, Kashmiri Muslims fish on the shore of Nageen Lake on the outskirts of Srinagar, India. Traditional measures of economic progress like GDP are being criticized as inadequate for ignoring such downsides as pollution or diminishing resources from fresh water to fossil fuels. There is increased urgency to arguments for a more balanced and accurate reckoning of the costs, particularly as fast-developing nations such as India and China jostle with rich nations for access to those limited resources and insist on their right to pollute on a path toward economic development. (AP Photo/ Dar Yasin) | Dar Yasin

NEW DELHI (AP) — What is a sip of clean water worth? Is there economic value in the shade of a tree? And how much would you pay for a breath of fresh air?

Putting a price on a natural bounty long taken for granted as free may sound impossible, even ridiculous. But after three decades on the fringes of serious policymaking, the idea is gaining traction, from the vividly clear waters of the Maldives to the sober, suited reaches of the World Bank.

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