In Table 7. 2 of the textbook, a grand summary of the economic methods for valuing ecosystem services discussed in Chapter 7 is provided. Based on what you see in this table, what can you say about economists' efforts relating to the valuation of the environment in general? Would you say it has been commendable; a work-in-progress; or a completely useless and even dangerously misleading exercise? Defend your position. This question assumes that you have read the entire chapter.

Data from Table 7. 2

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TABLE 7.2 A grand summary of the economic methods for valuing ecosystem services discussed in this chapter Specific nature of the environmental damage 1. Loss of economic outputs and inputs 2. Increased exposure to environmental nuisance 3. Impairment to human health 4. Recreational, amenity, and aesthetic losses 5. Simplification of natural habitats 6. Irreversible damage to an ecosystem function and/or structure Examples Fish, crops, and wood products Noise, odor, and debris Risk of mortality and morbidity Bird watching, camping, etc. Loss of biodiversity Species extinction and climate change Primary economic method(s) used for valuations Market valuation approach Hedonic pricing and household production approaches Hedonic pricing approach Travel cost and contingent valuation methods Contingent valuation and precautionary approach Precautionary approach! Type of uses Use value Use value Use value Use value Non-use value Non-use value