Geoscience Reference
In-Depth Information
From an economic point of view, the challenge here is to place val-
ues on these unique systems. I return to the thorny problem of valua-
tion in Chapter 11, which discusses species preservation. The conclusion
from the later discussion is that putting reliable values on the economic
losses from unique natural and cultural heritage sites is extremely
challenging. Nevertheless, we need to put them on the balance when
weighing costs and benefi ts, which is on the agenda for economists in
this fi eld.
Sea-level rise is one of the most worrisome impacts of climate change
because it has global effects and is diffi cult to stop once under way. The
economic costs found in most studies are modest relative to overall out-
land losses may be small on a global scale, the threatened areas rank
among the most precious parts of our natural and human heritage. So
losses from SLR cannot simply be written off the way a bank writes off
a bad mortgage.
Although it is hard to stop SLR, societies can take steps to reduce
the damages. A good example is choosing whether to “retreat or de-
fend” against the rising seas. Defending often takes the form of building
dikes and seawalls to protect existing structures and towns. The Neth-
erlands has taken this strategy for centuries. For densely populated or
highly valued sites, like the Netherlands or Manhattan Island, this is a
sensible approach.
In other cases, a strategy of retreat is more sensible for the long run.
The best economic strategy for dealing with sea-level rise has been ad-
dressed in a serious of pioneering studies by Wesleyan economist Gary
Yohe. It is prudent and not defeatist, because it ultimately may protect
social values by accommodating natural forces rather than going to war
larger changes in sea level than are projected over the coming decades
and centuries. Waterfront properties do not disappear with SLR—
instead, the waterfront relocates. Alas, this is little comfort for coastal
property owners who fi nd their houses washed away and their property
values destroyed while their inland neighbors get a windfall. But over a
