Keywords: environmental capital, income approach to national accounts, scarcity, point estimates, Thailand, social policy
The value of nature in Thailand: a macroeconomic perspective and implications for social policy
This paper adopts a simple method for the elicitation of the price and quantity of environmental capital (KN), as point estimates, from the Income Approach to National Accounts. The stock of KN considered here is confined to the air-shed of an economy and gets utilised in the formation of aggregate output (Y). The price and quantity estimates of KN are defined on the same scale as those of manufactured capital (KM), that is, price as a composite measure of an interest rate and a depreciation rate, and quantity as an aggregate measure at constant prices. The trends of the estimates reveal that, despite improvements in the rate of utilisation of KN, there is evidence of increasing scarcity of KN.