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12.4 • The Benefits and Costs of U.S. Environmental Laws 291

Benefits and Costs of Clean Air and Clean Water

We can divide the benefits of a cleaner environment into four areas: (1) people may stay healthier and live

longer; (2) certain industries that rely on clean air and water, such as farming, fishing, and tourism, may

benefit; (3) property values may be higher; and (4) people may simply enjoy a cleaner environment in a way

that does not need to involve a market transaction. Some of these benefits, such as gains to tourism or farming,

are relatively easy to value in economic terms. It is harder to assign a monetary value to others, such as the

value of clean air for someone with asthma. It seems difficult to put a clear-cut monetary value on still others,

such as the satisfaction you might feel from knowing that the air is clear over the Grand Canyon, even if you
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