Wilderness economics

When we think about the worth of land, we should consider that it's far more than the resources that can be extracted and transferred into dollars and cents, or the value of its conversion to shopping centers, homes or office complexes.

Michele S. Byers Executive Director

It comes as no surprise that our free-market society measures land value in terms of profits. This continues to be the prevalent attitude today and is imbedded in our culture and thinking.

A new way of valuing land has emerged—"wilderness economics." Economists have found that natural lands pay-off in at least two ways: generating cash from recreation and attracting new businesses and residents; and providing 'ecosystem services' like filtering water.

Consider the case of Kane County, Utah, about 210 miles south of Salt Lake City, where in 1996 residents were looking forward to an expected economic boost from a proposed coal mine. But National monument designation of the Grand Staircase-Escalante, killed the plan and many predicted the region's economic demise.

But since then, Kane County's unemployment rate dropped by more than half and, in the four years after the monument designation, labor income rose faster than it had in four years before. In addition, earnings rose by 13 percent (they had fallen by 7 percent in the previous four years). Even property values went up.

Kane County is a good example of the premise that open space pays; Central Park in New York City is another. Since resources like oil or minerals are easier to assign dollar values to than more complex, long-term economic benefits, exploiting places like the Arctic National Wildlife Refuge will always be tempting. But considering the true value of land can help prevent major regrets down the road.

As our state leaders consider the importance of supporting funding to continue open space initiatives, we should not lose site of these incalculable values of preserved lands. Not only is the value of a breathtaking view of beautiful natural lands like the Great Swamp or the Franklin Parker Preserve immeasurable, but in many ways open space does in fact pay for itself.

Michele S. Byers
Executive Director