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AbstractBiodiversity needs our attention because humans receive a wide range of direct and indirect benefits. Valuation of biodiversity is important to establish the importance of use and non‐use values of biological resources and cost of ignoring them. Against this backdrop, the aim of this study is to capture the recreational value of the national park biodiversity while employing travel cost method. To this end, the value of the economic benefits generated by sustainable management of Dachigam National Park in Jammu and Kashmir (India) is estimated using data from 301 visitors from different parts of the country. Data are analysed using count data models, and results reveal that travel cost method is suitable for valuation of various use values generated by environmental resources such as national parks. Estimated results show that consumer surplus per visitor per visit in present study is equal to Rs. 12,470 (US$197), which translates into an annual monetary recreational value of about Rs. 247,614,828 (approximately US$3,930,395). Demand for tourism services is also found to be fairly insensitive to travel cost/price. Therefore, an increase in entry fee and redistribution of proceeds can improve the physical and financial management of the park.

Energy is a basic prerequisite for the growth and development of national wealth. Based on primary research, Energy Economics and the Environment integrates a network of diverse disciplines to provide a theoretical and practical understanding of the constantly neglected challenges associated with conservation, preservation and sustainability of environment and energy. It highlights the issues and prospects in safeguarding environmental biodiversity and renewable energy efficiency, ecosystem chains and human living standards. This book studies the vulnerability associated with global climate alterations that limits direct social and economic benefits from ecosystem goods and services, and presents significant methods through illustrative case studies to tackle energy and environmental questions. In its final analysis, the book proposes possible unconventional mitigation strategies to restore sustainable biodiversity of ecosystems.

This study tests spatial interactions in Kaldor's growth laws in a cross‐country perspective during 2000–2001 to 2014–2015. In particular, we examine the interactive hypothesis through spatial proximity using a spatial panel data framework. The results reveal that ordinary least square estimates undermine the relationship defined through standard Kaldorian setting, besides an inconsequential relationship in some cases. Spatial estimates support the Kaldorian growth strategy with a strong spatial interaction across the countries chosen. The first and third law show significantly positive spatial interactions in lag as well as error component. While as Verdon's law reflects similar as well as dissimilar spatial patterns in error and lag components respectively. The results reflect the fact that manufacturing labor productivity and output growth are more spatially interactive which is imperative for sustained higher economic growth. Therefore, highlighting the significant role of the manufacturing sector in attaining the higher steady state. The empirical findings suggest that the relationship between economic growth, manufacturing output, and labor productivity is global and spatially interactive. Considering these interactions may lead to narrowing down the disparities across the countries.