Environmental Conservation

Mises Media · Jul 22, 2026

Drawing on his forthcoming book on environmental economics from an Austrian perspective, Timothy Terrell takes apart the standard case for environmental intervention. Following Roy Cordato and Rothbard, he argues the "best use" of a natural resource is not something a planner can determine—it's discovered through profit and loss—which leaves us unable to judge whether any given policy moves us toward or away from what people actually value. He then examines the two main attempts to price the environment without markets, contingent valuation and hedonics, and shows why both founder on…