Economics is by definition a zero sum equation and must therefore take account of all costs that are associated with a particular project in order for the economic equation to balance fully. In terms of natural areas, a large proportion of the costs in changing the use of an area social costs which, in many cases, are intangible and difficult, if not impossible to measure.
Economic concepts do not readily adapt to measurement of the intangible values of protected areas. The valuation of natural areas has its basis in the idea of ‘highest and best use’. For an economic cost, the highest and best use of land invariably refers to the most economic ally viable purpose. Inherent in this judgment are the limitations of economic indicators to value all relevant factors with a consistent degree of accuracy. Clearly it is easier to quantify the value of raw materials, land (as private real estate) or development opportunities in accurate monetary terms, than it is to identify the more intangible social impacts of utilizing a resource.