The Economic Costs of Environmental Degradation and Methods to Measure Them

Abstract

     Environmental deterioration is a gradual process. It is a result of resources mismanagement. Its hazards range from diseases affecting humans, animals, and plants to the destruction of various environmental components, reducing their efficiency or depriving them altogether. This leads to significant economic and social damages. Therefore, the focus of this research paper revolves around the most important quantitative measurement methods for the costs of environmental deterioration. Since it is impossible to eliminate pollution, we also addressed the optimal economic level of environmental pollution. It attempted to reduce the expected damages through balancing between benefits, the amount of pollution, and determining the social cost and the private cost.