Abstract
Abstract This paper considers whether pit closure decisions can be justified solely on financial grounds. It examines a variety of approaches drawn from accounting and economics, which may be arranged in a crude ‘hierarchy of sophistication’. The paper's conclusion is that the pit closure problem is far more complex than has generally been portrayed to the public, and that satisfactory solutions to it cannot be derived solely from within traditional accounting or economic approaches. The paper is a pedagogic exercise which exposes the limitations and partiality of accounting and finance by applying them to a particular, well-documented case. The paper argues for the inclusion of externalities and social welfare considerations in a planning framework for British Coal guided by Schumacher's principle of conservation.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
