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Nobody knows the real price of a forest — and that's a problem

from Nautilus

Wealth itself is observable and objective, a measure a value. And something has value if it is desired. But isn't desire inescapably subjective? If it is, how can economics determine wealth? Almost 250 years after Adam Smith's The Wealth of Nations, the answer to this question remains unclear. "These are still early days in the measurement of the wealth of nations," says Cambridge economist Sir Partha Dasgupta. But he thinks that we now have the tools, both theoretical and empirical, to begin to understand how wealth grows and declines. more

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