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Hard-cover • 2023
Pages: 382
ISBN: 9789332706255
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AF Press

Environmental Valuation and Accounting

The Indian Perspective

M.N. Murty‚ Surender Kumar (Eds.)

About the Book

Benefits from environmental improvements could be measured either as welfare gains or the costs avoided to society. The preparation of environmental accounts at the macro level and at the micro or project level requires information about the benefits and costs of environmental changes. This book provides this information drawing from some of the research studies carried out at the Institute of Economic Growth, Delhi, India during the last forty years. It presents studies about the valuation of environmental changes not only from the consumers’ perspectives but also studies that take into consideration the producer (production) perspectives. Mainstream environmental and resource economics books contain discussions on standard non-market valuation methods (revealed and stated preference methods) which are based on consumer perspectives for measuring benefits from environmental improvements. These studies provide valuable information for preparing environmental accounts at the national (aggregate) and project (micro) levels. The editors believe, this could be the first book in the area based on sound conceptual and theoretical underpinnings with empirical exercises and will be useful both for undergraduate and postgraduate students, policymakers, and researchers.

Praise for this book

<p>The book offers some of the best examples of applications of non-market valuation techniques for social cost-benefit analysis in the Indian context. The editors are to be commended on the coverage of topics included and the quality of chapters that makes the book highly accessible to a wide range of readers, including undergraduate and postgraduate students, policymakers, and researchers.<br /> <strong>— Madhu Khanna</strong><br /> &nbsp; &nbsp;&nbsp;ACES Distinguished Professor Environmental Economics,<br /> &nbsp; &nbsp;&nbsp;Alvin H. Baum Family&nbsp;Chair University of Illinois,<br /> &nbsp; &nbsp;Urbana-Champaign, USA</p> <p>&nbsp;</p> <p>Environmental quality in India matters—not only for the large share of humanity who call the world’s most populous country home but also for the rest of the world. A distinctive feature of this collection is the attention to detail of production processes. This orientation is vital for formulating practical, market-based policy responses that can make environmental protection more feasible in countries that don’t have money to waste.<br /> <strong>— Jeffrey R. Vincent</strong><br /> &nbsp; &nbsp;&nbsp;Clarence F. Korstian Professor of Forest Economics &amp; Management,<br /> &nbsp; &nbsp;&nbsp;Nicholas School of the Environment, Duke University, Durham, USA</p> <p>&nbsp;</p> <p>India faces many environmental challenges, such as air pollution and climate change, that hinder its potential for future economic growth. M N Murty and Surender Kumar’s collection offers an insightful analysis of these issues. The book presents a comprehensive view of how to measure and account for the natural capital that contributes to inclusive wealth.<br /> <strong>— Shunsuke Managi</strong><br /> &nbsp; &nbsp; &nbsp;Distinguished Professor at Kyushu University,<br /> &nbsp; &nbsp; Japan and Director for UNEP Inclusive Wealth Report</p> <p>&nbsp;</p> <p>We all know how real-life examples in classroom teaching keep students engaged and enhance thinking power and help later in their professional lives in managing national resources better. This book fulfils that gap in classroom teaching, policy-making, and governance.<br /> <strong>— Joyashree Roy</strong><br /> &nbsp; &nbsp; Director-SMARTS Centre, Asian Institute of Technology, Thailand,<br /> &nbsp; &nbsp;&nbsp;Former Professor Jadavpur University, Kolkata, India</p>

About the Author(s) / Editor(s)

M.N. Murty is a Professor Retired, Institute of Economic Growth, University Enclave, Delhi 110007. He is a Fellow and Resource Person, South Asian Network for Environment and Development Economics (SANDEE) and a Fellow, Indian Society for Ecological Economics (INSEE). He specializes in Environmental and Resource Economics and Public Economics. He authored/Co-authored 9 books including four books published by Oxford University Press, one each by Cambridge University Press and SAGE. He published 75 research papers including many papers in international journals.  He was a Visiting Ford Foundation Fellow, Department of Economics, University of Birmingham, U.K, Visiting Fellow, Institute of Developing Economies, Japan, Visiting Fellow, London School of Economics, UK, Visiting Professor, National Institute of Public Finance and Policy, New Delhi, Visiting Professor at TERI University, Delhi and Senior Research Associate, Project on Indian Fiscal Systems, University of Warwick, U.K.  He was the Coordinator of World Bank Funded Faculty Upgradation Programmes in Environmental and Resource Economics organised at several institutes and universities in India. He was a Consultant for World Bank, Asian Development Bank, International Crop Research Institute (ICRISAT), and ESCAP.
Surender Kumar is a Senior Professor and Head, Department of Economics, Delhi School of Economics, University of Delhi. He had been the Dean, Faculty of Social Sciences, University of Delhi. He had been a Visiting Fellow at the University of Illinois at Urbana-Champaign (USA) and a Senior JSPS Fellow at the Yokohama National University Yokohama (Japan). He also served as the Director (Acting), Agricultural Economics Research Centre, University of Delhi. Professor Kumar has been working in the areas of Environmental & Resource Economics and Climate Change & Energy Economics. He also extends his ambit of research to Productivity and Efficiency measurement and Applied Econometrics. Prof. Kumar has co-authored three books including two books by Springer and one book by Oxford University Press and 80 papers in cherished journals.


Avishek Banerjee, Former Research Associate, Institute of Economic Growth, Delhi.
Sushmita Chatterjee, Former Research Associate, Institute of Economic Growth, Delhi, and Asst. Professor, TERI School of Advanced Studies, Delhi.
Sukanya Das, Associate Professor, TERI School of Advanced Studies, Delhi.
Ajit Dasgupta, Former Professor, Institute of Economic Growth, Delhi.
Kishore K. Dhavala, Associate Professor, Nalanda University, Nalanda, Bihar.
S.C. Gulati, Professor Rtd. Institute of Economic Growth, Delhi.
Shivani Gupta, Department of Agricultural and Applied Economics, University of Georgia, Athens, USA.
Surender Kumar, Senior Professor, Department of Economics, Delhi School of Economics, Delhi University.
Anil Markandya, Former, Professor University of Bath, UK is currently at the World Bank as Lead Economist on Environment and Socially Sustainable Development in Eastern Europe and Central Asia.
M.N. Murty, Professor Rtd. Institute of Economic Growth, Delhi.
Manoj Panda, Former Director, Institute of Economic Growth, Delhi.
Mahua Paul, Asst. Professor, Institute for Studies in Industrial Development, Delhi.
D.N. Rao, Professor Rtd. Jawaharlal Nehru University, New Delhi.

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