Natural Resource Rent as a Basis for Valuation of Natural Capital in the Context of the Transition to the Sixth Technological Mode

Abstract

The purpose of the article is to substantiate the need to develop the methodology for the valuation of natural capital in the context of the transition to the sixth technological mode based on the assessment of natural rent. The research methodology consists in conducting a comparative analysis of methods of valuation of natural rent, identify the main methodological problems of its measurement and develop proposals for their solution. The scientific novelty of the study, considered as the increment in scientific knowledge, is the identification of a fundamentally new factor in the formation of modern economic models of the development of society in the context of sixth technological mode and justification of a new methodology for measuring thereof at macro level as part of the national wealth. As a result of the research, the authors identified that when assessing natural capital, which is a real factor in the formation of new economic models for the development of society, two components should be distinguished - physically used natural resources and intangible natural assets in the form of ecosystem services and assimilation potential. For their valuation, it is advisable to apply the theory of natural rent, the main problems of measuring which are the allocation of total income, income generated by physical capital, and income generated by entrepreneurial efforts in the form of entrepreneurial profit. Economically used resources can be estimated using the traditional formula for calculating rents when solving the two problems indicated above. The methodology for assessing intangible natural assets has not yet been formulated and requires further elaboration. At the same time, the methodology for measuring natural rent is also applicable to them. In particular, the rent of assimilation potential can be estimated through the value of uncompensated environmental damage caused by morbidity and mortality due to air pollution from harmful emissions from industrial enterprises and transport. As a result of the study and the application of the author’s methodology, an assessment of Russia’s natural capital of 18.37 trillion rubles was obtained with the allocation of the main structural elements. A comparison of the country’s natural capital income discount estimated at a market rate showed that it is quite close to the budget revenues that are officially published on the website of the RF Ministry of Finance.