Natural resources constitute an important part of the overall capital of a
country. Land, forest, and water provide vital factors of production. Just
like machines and buildings, natural resources depreciate when used and
may be totally lost unless allowed to regenerate. Natural resources play
another critical role: protecting human beings and physical capital from
adverse impact of pollutants and toxic substance generated during the
production process.
Overemphasis on quick economic growth leads to excessive exploitation
of forests, fisheries and soil and over production of pollutants that damage
the quality of air, water and land. Over time, this leads to a loss in
productivity and spread of diseases affecting people's health. In countries
like India and China, this loss may add up to 8-10% of GDP.
There are three main factors behind this problem. First, the cost of
pollution generated by individuals or factories on society is not borne by
the polluters. Second, natural resources are over-exploited because the
property rights are not well defined, people often pay zero or very low price
and treat them as free goods. Finally, some well-intentioned government
policies such as high subsidies on agricultural inputs, artificially low prices
of fuel and energy, enhance these problems.
The solution? Adopt the "Polluter Pays" principle through taxes and
setting standards. The power plant should bear the cost of lowering air
pollution, the fertilizer factory should be made responsible for treating the
pollutants before they get into water system and the motorbike users should
pay for clean fuel and periodical inspections of their bikes. Governments
should closely examine subsidies and reduce/remove "bad" subsidies so
that those who use the natural resources pay the actual price.
62. TÀI NGUYÊN THIÊN NHIÊN VÀ PHÁT TRIỂN KINH
TẾ
