What is an impact of economic institution on environment with example?
Answers
Social institutions play a vital role in shaping the decisions related to environment. Social institutions are basically the groups of persons banded together for common purposes having rights, privilages, liabilities, goals, or objectives distinct and independant from those of individual members. There can be various forms of social institutions but most prominent among them are community based e.g - same group in same locality under the same government or a group or having common interests. Their importance lies in the fact that There are valuation methods which are used to assess the ecological costs of establishing any projects in any particular patchs. Suppose an agency wants to set up a factory in a area which is a forest area with wild- lives along with some residential population on its outskirts.