Methodology of Economic Assessment of Forest Resources

The concept of value in economics is multifaceted and dynamic. Value depends on people's preferences and is constantly changing. According to capitalist market doctrine, if a resource has value, it must be defined in monetary terms. Otherwise, it is mercilessly exploited until it is depleted and government regulation or high administrative prices are imposed to restrict access. Forest values vary widely. Only a tiny fraction of them is adequately valued by the market. Timber, except for firewood, is generally well valued in a market economy. Other products and services are either undervalued by the market or have no market price at all. Accurately valuing resources is becoming increasingly important. This valuation directly impacts forest policy. There's no doubt that public movement to protect the ecological values of forests will continue to grow and strengthen, necessitating their fair economic valuation. What methods are available in the arsenals of modern forest economics to address the global environmental concerns? Without answering this question, it's impossible to understand whether public policy on environmental management can be implemented adequately to meet the demands of society in the new ecological era.