Towards and Economic Approach to Sustainable Forest Development

Abstract

"Towards an Economic Approach to Sustainable Forest Development" by Archana S. Mathur and Arvinder S. Sachdeva presents a framework for integrating economic principles into sustainable forest management (SFM) in India. The study emphasizes valuing forests holistically, accounting for both market and non-market benefits such as carbon sequestration, watershed protection, and biodiversity conservation. It advocates for compensation mechanisms to incentivize states and local communities to preserve forest cover while addressing opportunity costs. Various valuation methods, including market price, travel cost, contingent valuation, and production function approaches, are reviewed to capture the economic contributions of forests. The paper highlights the importance of stakeholder engagement, particularly local communities, in ensuring successful afforestation and conservation initiatives. By promoting an economic approach to forest policy, the authors argue that sustainable forest management can simultaneously support environmental conservation, local livelihoods, and national development objectives.