The “battle of gold” under the light of green economics: a case study from Greece

Mining firms stimulate local and national economies but this comes at a certain cost. In the light of increasing public concern, external costs of environmental degradation and social disruption are no longer of pure academic interest. The assessment of mining projects on the grounds of sustainable development is critical in order to decide whether the exploitation of mineral resources is socially desirable. In practice, few steps have been taken towards this end. In this paper, a case study is illustrated that provides the means for evaluating the social worthiness of mining projects. The analysis, which is the first of its kind in Greece, deals with a major problem of the mining industry: the gold debate on the grounds of green economics. The assessment is based on the social cost–benefit approach. Well-established techniques (e.g. benefit transfer) and innovative approaches have been adopted to overcome various practical problems