Land use regulation in the Lake George Basin: An ecological economic perspective

Although a complex regulatory structure has evolved in the Lake George Basin to address increasing development pressures, it has proven to be inadequate in protecting the natural resources of the region. By applying ecological economic principles of sustainability that challenge traditional neoclassical economic theory, a framework is established to evaluate the regulatory structure in the Lake George Basin and the decision making process within which these regulations are applied.;In using this framework to analyze a specific case study, it is shown that conflicts arise as regulations stress both short term economic criteria and principles of long term environmental sustainability. In addition to a contradictory delineation of goals, there is also lack of guidance and information as to how environmental costs and benefits should be valued. Finally, traditional economic concepts, including the notion of unlimited growth, marginal analysis and present value, ultimately dictate the outcome of the decision making process and reinforce a short-term planning horizon.