An interesting fact I learned: An intact mangrove forest is worth more than a shrimp farm.
I don't mean this ethically, although an intact mangrove forest is of course worth more than a shrimp farm from an environmentalist point of view. I mean ... economically, the mangrove forest is worth more. The kicker is that this value is both indirect and 'invisible' (more on that in a moment).
Our professor showed it to us like this. A hectare of shrimp farm is -- from the direct, economic point of view -- worth a net value of $2,000. From this traditional point of view, the only thing you can do with a hectare of mangroves is to cut it down, yielding timber worth $90. Clearly, the only economically sensible activity is to hop down the mangroves and convert them to shrimp farms post-haste.
Follow me over the fold to find out why that's not quite true...
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