Department of Economics. University of Melbourne. Parkville Victoria
3052 Australia
ABSTRACT
Natural heritage is a broader concept than natural capital, including
natural cultural assets. To ensure strong sustainability it is important
to maintain natural heritage health at a high level. An impact equation
is used to consider the possible approaches to bring about a reduction
in detrimental impacts on natural heritage to within, and so as not to
damage, the carrying capacity of the natural heritage. Three guiding principles
and a system of natural heritage classification are presented to provide
a framework for natural heritage health management. The role of market
mechanisms in the health management of three groups of natural heritage
is discussed.
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