A new criterion has been added, the conservation of the environment so that in the long run life, including human life, can continue. This new consideration must be taken into account at all levels and in all departments of government and in the boardrooms of every industrial enterprise. It is no longer sufficient simply to quantify the elements of existence as in old-fashioned material economics; conservation means taking notice of the quality of existence as well...The problem is of course to give some value to that quality and perhaps the only way to do this is to try and work out the cost in terms of loss of amenities, loss of holiday and recreation facilities, loss of property values, loss of contact with nature, loss of health standards and loss of food resources, if proper conservation methods are not used. Looked at in that light it may well turn out that money spent on proper pollution control, urban and rural planning and the control of exploitation of wild stocks of plants or animals on land and in the sea, is the less expensive alternative in the long run...The conservation of nature, the proper care for the human environment and a general concern for the long-term future of the whole of our planet are absolutely vital if future generations are to have a chance to enjoy their existence on this earth.

Environment·Economics·Policy