The economic value of clean beaches and the importance of environmental resources are explored in an article by Timothy Haab in Yahoo Entertainment. The article discusses how environmental economists use cost-benefit analysis to estimate the value of environmental resources. It highlights that every administration since President Ronald Reagan has endorsed using cost-benefit analysis to weigh the costs and benefits of proposed regulations. Studies by the EPA have shown that the benefits of the Clean Act outweigh the costs. The article also emphasizes the economic value of outdoor recreation, which adds $373 billion to the US economy yearly. Economists measure the economic value of outdoor recreation through direct expenditures and the value that people place on the environment itself.
The article provides examples of studies that estimate the economic value of clean beaches. One study estimated that visitors to Southern California beaches would be willing to pay $29.5 million to reduce marine debris by 25%. Another study estimated that reducing harmful algal blooms in Lake Erie would save swimmers, boaters, and fishermen $800,000 to $970,000 per year. The article also mentions the economic losses caused by the BP Deepwater Horizon oil spill, which resulted in a 9% drop in trips to Northwest Florida beaches and economic losses of $252 million to $332 million.
By putting a price on natural resources, decision-makers are encouraged to recognize their finite nature and design policies and regulations that benefit all. The article highlights the importance of valuing and protecting clean beaches and other environmental resources for the well-being of both the economy and the environment. [3ef28ffb]