Haute Lumière

Commerce · VII · MMXXVI · daylight

La Bourse  /  Volume VII  /  Nº VII.E1

For the Practitioner of Luminous Economics

Volume VII — Planetary and Cosmic · Extension I of III

Nine movements, one holding.


THE PLATE

A watercolour of a head in profile filled with trees and flowers, a small figure walking toward a river beside it.
Plate VII.E1The Map With Three Boundaries On It.The largest frame in this edition arrives on one table as three lines on a map, and the whole of the practitioner's work is knowing which line answers which question.

THE LETTER

You have just read eleven chapters about the planet, and the honest question you are holding is not whether they are true. It is: which of this touches a decision I will actually make?

That question deserves a straight answer rather than an encouraging one, and Volume VII has already given most of it. Chapter VII.10 opens by conceding, in its own second paragraph, that nothing in it will change a decision anybody makes this century — a certain payoff at its threshold discounts to 0.000978 of itself, one part in 1,022 — and it is the better chapter for saying so before you noticed. This extension does the same thing across all eleven.

So here is the shape of what follows. Four of the eleven chapters are operational at the scale of one holding, today. Chapter VII.03's marginal habitat value attaches to a hectare. Chapter VII.05's localisation thresholds attach to a commodity line you already buy or sell. Chapter VII.06's watershed accounting attaches to a catchment and to a parcel inside it. Chapter VII.07's co-management record attaches to a right and to the institution that counts for it. Two more are conditional and this chapter says on what. Five are orientation, and orientation is not a lesser thing — it is what stops you buying an instrument that will lose you money, and this chapter prices one such refusal at 462.00 dollars a hectare a year.

Nothing here is a simplification of the eleven. The arithmetic is re-run at a scale where the denominators are yours: a twenty-hectare block instead of an eleven-hundred-hectare farm, a two-hectare holding instead of a basin, a forty-hectare covenant instead of a national reserve system. Two of the four operational findings turn out to need a counterparty you may not have, and that is said near the front, with the number attached, because a practitioner's edition that hides it is worse than no edition.

And the whole programme — every instrument in this chapter, established and measured on one holding — comes to 2,561 dollars and 30 cents, which is costed to the cent in the sixth movement.

— The Editors


DISCOVERY

What is already working, at exactly your size

Begin where the record is strongest, and notice what these have in common: every one of them was executed by people whose whole operation would fit inside a footnote of the institutions the eleven chapters mostly address.

The Lake Taupō catchment, and a cap that a farmer can read. Chapter VII.01 put it in a list of working instruments; look at who actually operates inside it. Since 2011 the catchment has run a hard cap on nitrogen discharge with tradeable allowances and a fund that has permanently retired a share of them. There is no global number anywhere in the scheme. What a landholder in that catchment holds is a quantity, in kilograms, attached to their own ground, that they can sell. The unit of account is a lake, because the lake is where the damage happens, and a lake is small enough that a person can stand at the outlet.

The Watershed Agricultural Council, which is four hundred farms and one contract. Chapter VII.06 calls this the cheapest thing in the chapter and it is right. New York City does not contract with four hundred farms; it contracts with one farmer-led organisation that contracts with four hundred farms. Read from the practitioner's side, that is not a governance fact. It is the difference between a scheme that pays your paperwork and one that does not, and the seventh movement of this chapter computes exactly how many neighbours it takes.

Finca Santa Fe, which is two pieces of forest nobody had costed. Ricketts and colleagues measured coffee yield against distance from two remnant fragments and found yields 20 percent higher within a kilometre and peaberry frequency 27 percent lower. The fragments were on the farm the whole time, carried in the accounts at nothing. Nobody planted them, nobody managed them, and they were earning a land rent. The most common finding in this volume, at practitioner scale, is that something already on your ground has been working unpaid.

The savanna fire method, which is a practice that acquired an account number. Chapter VII.07's West Arnhem contract was 100,000 tonnes of CO₂-equivalent a year for seventeen years at about a million Australian dollars a year — a price of 10.00 dollars a tonne, against a third of what the same tonne trades at now. The practitioners took the price risk and the buyer took the certainty. That is worth reading twice, because it is the standard shape of a first contract into a market that does not yet exist, and you will be offered one.

And the Menominee line, which is visible from orbit. More than 2.3 billion board feet off about 220,000 acres since 1854 — and standing sawtimber volume is higher today than when the cutting began. Nobody stood over them. They kept counting, annually, and the counting became a forest.

Five cases, one pattern, and it is the pattern this chapter is built on: in every one, somebody attached a number to a piece of ground they could walk, and then held one contract about it rather than forty. Not a global total. Not a framework. A quantity, a boundary you can reach on foot, and a single counterparty.


THE ARITHMETIC

The sort, the thresholds, and where the volume stops paying

First, the sort, because it is the whole reason this chapter exists.

Eleven chapters, one test, stated so that you can disagree with it: does the chapter's decisive number have a denominator you own, or can join inside a year?

  operational                     4     36.4 %
  conditional                     2     18.2 %
  orienting                       5     45.5 %
  ---------------------------------------------
  operational and conditional     6     54.5 %
  orienting per operational                1.25 x

The four operational chapters are VII.03 · VII.05 · VII.06 · VII.07. The two conditional ones are Chapter VII.02 — whose shadow price is free to set and changes a decision only above a capital threshold — and Chapter VII.08, which is operational precisely where a duty outlives the person who incurred it. The five orienting chapters are VII.01 · VII.04 · VII.09 · VII.10 · VII.11 — and their denominators are a planet, a fleet, an orbit, the sky and a national balance sheet.

That assignment is a judgement and it is printed as one. Move one chapter from orienting to operational and the operational share is 45.5 percent; move one the other way and it is 27.3 percent. The claim that most of the volume is orientation survives both, which is what makes it worth stating.

Second, the hectare, re-cut for a small holding. Chapter VII.03's instrument is V = L · Y₀ · Δ · P · φ, and it turns on L, the hectares of crop within the service radius per hectare of habitat. At the farm in Costa Rica, L came out at 2.07 — two blocks at the edge, their service areas overlapping each other and spilling off the property. The chapter's dispersed-layout figure is 4.00.

Now run the geometry a practitioner can actually execute. One block of 20.00 hectares — a square with a side of 447.2 metres — and a flowering strip 4.00 metres wide down the middle:

  strip area                              0.1789 ha
  crop remaining                          19.821 ha
  furthest crop from the strip             223.6 metres   inside the half-distance
  leverage, L = crop / habitat               110.8
  against the measured 2.07                   53.5 x

That is the practitioner's structural advantage and it is geometric, not moral. A large farm cannot put a strip through the middle of a block without cutting the block; a small one is already standing in the middle of it. Every point of that block is 223.6 metres from the strip, comfortably inside the 600.0-metre median visitation half-distance the chapter measured, so this is arithmetic about a service that is actually delivered.

Now the trap, and it is this chapter's first correction to its own instrument. At the trough price of 1,320 dollars a tonne the strip is worth 20,476 dollars per hectare of habitat — a number that will get you laughed at, and should. The denominator is 0.1789 hectares, and a denominator that small flatters every ratio it touches. Read it the other way:

  total gain on the block                   3,663 $/yr
  per hectare of crop served               184.80 $/ha/yr
  crop margin forgone to the strip         143.11 $/yr
  gain over forgone margin                   25.6 x
  establishment, at $2,500 /ha of strip    447.21 $
  payback                                   0.127 yr

Read V per hectare of crop served, never per hectare of habitat. At practitioner scale the binding constraint is land, not habitat, and the honest statement is that a quarter of an acre of flowers earns 3,663 dollars a year on a twenty-hectare block and pays for itself in seven weeks.

Third, the third term, which is who you contract with. Chapter VII.06's break- even parcel size is A* = t / (b − c), and in a basin shaped like most basins the numbers are unkind:

  transaction cost per contract             1,200 $/yr
  downstream benefit                       115.71 $/ha/yr
  forgone rent, high case                  250.00 $/ha/yr      no parcel size clears
  forgone rent, low case                    80.00 $/ha/yr
  net benefit                               35.71 $/ha/yr
  A*                                          33.6 ha

Below 33.6 hectares a landholder contracting alone does not clear the paperwork. On a two-hectare holding the transaction cost is 600.00 dollars a hectare a year against a net benefit of 35.71, which is short by a factor of 16.8.

Now solve it for the only variable a practitioner controls, which is how many people sign one contract:

  members needed to clear                     16.8
  rounded up, neighbours                        17

  n =    17     34 ha   cost $35.29 /ha/yr   clears by  1.01 x
  n =    50    100 ha   cost $12.00 /ha/yr   clears by  2.98 x
  n = 1,500  3,000 ha   cost $ 0.40 /ha/yr   clears by 89.27 x

Seventeen neighbours. Not an institution, not a programme, not a policy — seventeen people who share one contract, at which point the arithmetic crosses from losing to clearing. That is the single most useful number in Volume VII for somebody with a small holding, and it is a number about a village.

Fourth, the vehicle, not the distance. Chapter VII.05's freight intensities are the practitioner's selling-side arithmetic and they run the wrong way to intuition. Truck is 12.857 times container ship per tonne-kilometre; air is 48.57 times. A car at six litres per hundred kilometres emits 0.1386 kilograms of CO₂ a kilometre, which carrying a ten-kilogram basket is 13.86 grams per kilogram per kilometre against the ship's 0.014:

  one kilometre by car          =        990 km by container ship
  a 20 km round trip to the gate           277.2 g CO2e per kg bought
  the same kg shipped 8,000 km             112.0 g CO2e
  the drive costs                            2.48 x the ocean

The instruction that falls out of this is not sell local. It is: do not invite the car. A farm shop that draws twenty single-vehicle round trips a Saturday has built the most carbon-intensive distribution channel available to it, and the fix is a consolidated drop, a collection point, or a full van — which is a logistics decision, costs nothing ideologically, and is the one place a short chain reliably beats a long one.

Fifth, the line that tests any commitment you are offered. Chapter VII.07's culvert arithmetic is one division and it generalises to everything:

  cost to complete                    $3,100,000,000
  appropriated                        $2,400,000,000 over 16 years
  funded rate                           $150,000,000 /yr
  rate required                         $387,500,000 /yr
  funded share of need                         38.7 %
  completion at the funded rate               20.67 yr   ->  2043
  years past the court's deadline                13

Divide the cost by the years remaining and compare it to the money. If the money is smaller, the deadline is decorative. Apply that line to every covenant somebody asks you to sign, including your own: a forty-hectare covenant with a stewardship cost of 60.00 dollars a hectare a year is 2,400.00 dollars a year forever, which at a 4.0 percent real draw needs a corpus of 60,000 dollars and at 3.5 percent needs 68,571. Half a point on the draw rate is 8,571 dollars, and it is negotiated before the headline number, not after.

Sixth — and this is the cut — the most valuable finding in this volume for a practitioner is a debit.

Chapter VII.06 prints a number that appears in no watershed-protection brochure ever written: a forested catchment yields 154.0 millimetres a year less water than the same land under pasture. Cross-check it by a second route that shares none of the first's assumptions — Farley's global synthesis, a 0.44 fall in runoff on afforested grassland, against a pasture streamflow of 684.0 millimetres — and you get 301.0 millimetres. The two disagree by 1.95 times. Take the lower as the floor, because two routes that disagree by a factor of two are two bounds and not one number.

At the floor, on your own ground:

  water not arriving                        1,540 m3/ha/yr
  at a raw water value of $0.30 /m3        462.00 $/ha/yr
  on a 40-hectare holding                  18,480 $/yr

  an afforestation payment offered         300.00 $/ha/yr
  net of the debit                        -162.00 $/ha/yr
  on the same holding                      -6,480 $/yr

Declining the payment is worth 6,480 dollars a year more than accepting it, and no business case for the payment carries the debit on its face. That is the Balenciaga cut of this chapter and it generalises: this volume's highest-value content for a practitioner is not an instrument to buy. It is the list of instruments to refuse. Enumerated from the Design and Destiny movements of the eleven — an enumeration this chapter made, and labelled as its own construction rather than as a property of the volume — there are 17 named refusals, and 11 of the 11 chapters carry at least one.

Seventh, the honest negative, and it has three parts.

Two of the four operational findings need a counterparty you may not have. Chapter VII.06's instrument does not clear for you alone; it needs the seventeen. Chapter VII.07's whole structure sits on the recognised side of a line that most of the world's land is on the wrong side of: the Rights and Resources Initiative measures more than 50.0 percent of the world's land customarily held against about 10.0 percent legally recognised — a gap of 5.0 times and 40 percentage points. If you hold no recognised title, three of the eleven instruments are unavailable at any budget, and the honest first move is the title, not the instrument.

And the habitat royalty has a price floor. At L of 4.00, taking 0.25 of the measured differential against a pasture opportunity cost of 150.00 and 60.00 dollars of paired-block monitoring:

  P = $1,320/t   royalty $184.80 /ha/yr   covers 0.88 x   does not clear
  P = $3,000/t   royalty $420.00 /ha/yr   covers 2.00 x   clears
  P = $6,000/t   royalty $840.00 /ha/yr   covers 4.00 x   clears

The royalty clears above 1,500 dollars a tonne — 0.68 dollars a pound — and below that the floor in the contract is what carries it. State that in your own credit paper rather than letting the committee find it.

The third part is about the orientation, and it is the good news. The five orienting chapters contain exactly one number a practitioner moves, and Chapter VII.10 names it: the gap between the 2.0 percent annual improvement in energy intensity that would close the whole long-run constraint and the 1.3 percent actually delivered — 0.7 of a point a year. It is decided in insulation, in motor sizing, in process heat, in not throwing away work. The largest frame in the edition issues the same instruction as the quarterly numbers, and the agreement is a feature. A frame this size that contradicted the near-term arithmetic would be telling you something was wrong with the frame.


DREAM

What becomes ordinary

Describe it in the present tense, because a dream in the future tense is a wish.

There is one page pinned where the diary used to be, and it has four lines on it. The ecoregion code and its level. The catchment, and where its gauge is. The service radius, and the leverage ratio inside it. The standing stock, in tonnes and hectares and head, never in money. Nobody finds this exotic. It is the same page a shipping company keeps for its exposures, pointed at ground instead of at currencies, and it takes four minutes to update when something changes.

When somebody offers you a payment, you reach for that page before you reach for a calculator. The offer arrives, you find the line it touches, you check whether the debit is on it, and about a third of the time the answer is no and the conversation takes six minutes. That third is where the money is. It does not feel like refusing. It feels like knowing what you have.

The strip goes through the middle, not round the edge, because the arithmetic said so and because everyone in the yard now knows the arithmetic. Habitat is a piece of plant, sited for service radius the way a standpipe is sited for hose length, and the leverage ratio sits at the bottom of the block sheet like a soil pH. When a new block comes in, the first question is what it does to L.

You hold one contract, not seventeen, and somebody you elected holds it on your behalf. The administration margin is a disclosed line rather than an invisible one, so when it drifts you can see it drift. Nobody ever asks you to prove what your field did to the river, because the settlement happens at the intake against a measurement the utility already makes under compulsion, and the whole arrangement was designed so that no one has to.

The measurement outlives the enthusiasm. There is a staff gauge, and a series behind it, and a residual that is published including the years it is embarrassing. The one year the residual will not reconcile, somebody drives up the valley and comes back with an abstraction nobody had recorded — and that afternoon is the reason the whole apparatus exists.

And the biggest frame is a sentence rather than a spreadsheet. When somebody asks about the planetary side of the work, you say the true thing, which is that it orients and does not bind, and that the part which binds is the 0.7 of a point a year, and then you show them the block. Nobody feels diminished by that. They feel told the truth, which is rarer.


DESIGN

The order, and the money, to the cent

The order the four operational chapters are actually used in. Not the order they are printed in — the order of dependency, because each step produces the input the next one needs.

StepFromWhat you doWhat it produces
1VII.05Look up your ecoregion code and its level. Write the level down.The declared perimeter
2VII.06Find the gauge. Who reads it, how often, published where.The measurement memorandum
3VII.06Close one past year: P, ET, Q, ΔS, and the residual.The first reconciliation
4VII.03Draw the service radius. Count the crop hectares inside it. Divide.The L calculation
5VII.03Pick two blocks, one inside the radius and one outside. Start the series.The paired baseline
6VII.05Sort your top lines into regional by nature, in season, traded, held.The sorted schedule
7VII.06Find the seventeen. Introduce two of them to each other on a real task.The aggregation mandate
8VII.07For every commitment you hold, divide the cost by the years left.The rate schedule

Steps one to four are the first ninety days and cost almost nothing. Steps five to eight are the second ninety. Steps two and four are the two that change the conversation permanently, and they are the two cheapest.

The money, to the cent.

ItemSourceCost
Strip establishment, one block, at $2,500 per hectare of stripVII.03$447.21
Paired-block measurement, one season, eight of your own hoursVII.03$360.00
A staff gauge and a year of readingsVII.06$600.00
The place register, twelve of your own hoursVII.05$540.00
The aggregation mandate, one hour of legal reviewVII.06$280.00
Subtotal$2,227.21
Contingency at 15 percent$334.08
The programme, complete$2,561.30

Against a first-year gain on one block, at the trough price, of 3,519.83 dollars — a return of 1.37 times in the first twelve months, before the strip has reached full service and before any payment scheme is in the room.

Two things about that table deserve saying out loud. Nothing in it is a licence, a platform or a subscription. It is a season's work, a piece of painted rule in a stream bank, twenty of your own hours and one hour of somebody's professional time. And the largest single line is the one that produces an asset the others merely measure — the strip — which is the correct shape for a practitioner's budget and the opposite shape to most institutional ones.

Governance, in one page. The register names who updates it and when. The mandate names the intermediary, its disclosed administration margin, the notice period, and what happens to your data when you leave. Chapter VII.07's list of what to refuse applies to you exactly as it applies to a nation: refuse a staged close, refuse a draw rate set by the funder, refuse a dataset held by anybody but you, and refuse a deadline with no appropriation rate beside it.


DESTINY

How it holds when you are busy, or ill, or bored

A practice has one failure mode an institution does not: you are the whole of it, and there will be a season when you are not available. Three things hold, and they are the same three the institutions use, cut down.

The measurement has a date rather than a champion. A reading taken because somebody cares is a reading that stops when they are promoted or ill. A reading taken on the first Monday is a series. That is why the Rhine commission outlasted three generations of national politics: its product is a publication schedule. Yours is a gauge and a notebook, and the eleven minutes a quarter it costs is the cheapest intervention in this chapter.

The contract is held by somebody who is not you. Seventeen members is past the point where one person leaving ends the arrangement. And the intermediary must be led by the people it contracts for — the Watershed Agricultural Council is farmer-governed and that is why farmers sign.

The strip is on a maintenance schedule. Habitat that is planted and not maintained is a two-year asset, and the establishment cost of 447.21 dollars is paid again in year three by somebody who does not remember why it was there.

Now the honest part, because these fail in four named ways. They fail when the level floats — a register that quietly moves from one ecoregion level to another whenever the answer is inconvenient is producing numbers that cannot be compared with last year's, let alone with anybody else's. They fail when the payment becomes an entitlement, which happens at about the ten-year mark and is then politically impossible to withdraw even where the practice has stopped. They fail when the aggregation exists in name and one person does all of it, at which point you have a contract with a volunteer and no successor. And they fail — most often, and most expensively — when the apparatus is cut in a thin season, at which point the next negotiation starts without a baseline and the whole 1.37 times of the first year is paid back to nobody.

There is one more, particular to this volume. They fail when the orientation gets into the business case. A paper that argues for a flowering strip on the grounds that civilisation meets a thermodynamic limit in the twenty-third century will be laughed out of the room, and deserves to be, and will take the good half of the argument with it. The frame is the reason to know this. It is never the reason to fund anything.


DELIGHT

What it feels like

There is a specific pleasure in the map resolving, and it happens at the moment you draw the third line.

You have lived on this ground for years as a set of fields and gateways and journey times, and then one morning there is a catchment on the paper, and an ecoregion edge, and a circle a kilometre across around a block of trees you had never thought about — and the place stops being scenery and becomes a system with a metabolism. Rain arriving here, running that way, growing that, feeding these people, leaving by that road. It has the quality of finding a room in a house you have lived in for years.

Then the strip, which is the part no spreadsheet carries. A flowering margin through the middle of a block in its second week is loud. Not metaphorically — audibly, at eight in the morning, from ten metres away. People who have put one in describe going to stand near it for no reason, and then having to account to themselves for why they were standing there. The arithmetic is how it gets planted. The noise is why it gets kept.

And the quietest one, which arrives later: the first time you are offered something and you say no in six minutes, with a number, without heat. You are not being difficult and you are not being principled. You simply know what the ground is doing and what the offer would cost it, and the person making the offer can see that you know. The conversation that follows is better than the one you would have had, because it is about something real.


OPERATIONALIZE THIS

At the level of finance

The instrument: a place register with an aggregation mandate.

Two pages, no capital, and it is the precondition of four of the eleven instruments in this volume rather than a fifth one competing with them.

Page one — the register. Five lines, each with its source and the date it was taken.

LineWhat it saysFrom
PerimeterThe ecoregion code, the level, and the version date of the boundaryVII.05
GaugeWhere flow and quality are measured, by whom, at what interval, published whereVII.06
LeverageThe service radius drawn, the crop hectares inside it, LVII.03
StockThe standing stock in physical units — tonnes, hectares, head, percentVII.01
ResidualThe basin's ε for one past year, published including the embarrassing yearsVII.06

Page two — the mandate. A short deed appointing one intermediary to contract on your behalf for any payment, allowance or offtake scheme touching that perimeter.

The balance-sheet treatment. The register is a drafting cost and runs through the year it is made. What it changes is elsewhere and is material: a contracted service stream revalues the parcel on an income basis rather than an alternative-use basis, which is frequently the entire argument, because the ground was carried at pasture value. Where establishment is capitalised, depreciate it over the service life rather than the planting cycle. And the standing stock stays in physical units on the register: Chapter VII.01's covenant rule is a quantity floor, never a money one, and a lender prefers it that way.

The number that decides it. One line, on the front of the mandate:

                t
          -------------      <      b  −  c
             n  ·  A

Transaction cost per hectare under aggregation, against net benefit per hectare. Worked on the basin above, at 1,200 dollars a contract and a median holding of 2.00 hectares:

  n =    17     34 ha    $35.29 /ha/yr    clears by  1.01 x
  n =    50    100 ha    $12.00 /ha/yr    clears by  2.98 x
  n = 1,500  3,000 ha    $ 0.40 /ha/yr    clears by 89.27 x

Seventeen is the number on the front page. It is not a target, it is a threshold, and the difference between sixteen and seventeen neighbours is the difference between an arrangement that loses money and one that does not.

The first ninety days.

DayActionArtifact
1–10Look up the ecoregion code and level; write the level downThe declared perimeter
11–20Find the gauge; record who reads it and where it is publishedThe measurement memorandum
21–35Close one past year of the basin's books; publish the residualThe first reconciliation
36–50Draw the service radius; count the crop hectares; compute LThe L calculation
51–60Choose the paired blocks; pull whatever yield history existsThe baseline
61–75Identify the seventeen; introduce two of them on a real taskTwo names, one shared task
76–90Sign the mandate; disclose the margin on its faceThe mandate, executed

And the one thing to do before any of it. Take every commitment you already hold, divide the cost of discharging it by the years remaining, and compare it to the money. If the money is smaller, you are carrying a decorative deadline, and finding that out costs one afternoon and no money at all.


APPRECIATIVE QUESTIONS

Twelve, for a room

Discovery — what is already working

  1. What is already on this ground, that nobody planted or paid for, that has been doing work for us we have never counted? Who noticed it first?
  2. Which block has quietly out-yielded its neighbours for years — and what is within a kilometre of it that is not within a kilometre of the others?
  3. Where have we already taken less than we were allowed, deliberately, and what made that decision possible at the time?

Dream — what becomes possible

  1. If our place register sat where the diary sits, and we checked it before answering any offer, which offer from the last two years would we have answered differently?
  2. Imagine seventeen of us holding one contract instead of seventeen. What could we ask for then that none of us can ask for now?
  3. If our leverage ratio sat on the block sheet next to soil pH, what would be the first planting decision it changed?

Design — what we build

  1. What is the smallest strip we could put through the middle of a block this season, and what two blocks would serve as our control and our treatment?
  2. Where is our gauge, who reads it, and what would it take this month to have a number everybody in this room trusts?
  3. Which two of our neighbours are the ones others check with — and have we ever actually asked them for anything?

Destiny — how it holds

  1. If none of us were available for a season, which of these measurements would still be taken, and what did we do that made that true?
  2. Which commitment we hold has no funding rate beside it — and what is the honest completion year if we divide the cost by what is actually appropriated?
  3. What would be the first sign that the aggregation had become one person doing everything, and who in this room would say so?

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Waikato Regional Council. Lake Taupō catchment nitrogen management regime (operative 2011), and the Lake Taupō Protection Trust.

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Note on figures. Every figure in this chapter is computed in lib/verify/VII_E1.py and printed there with its inputs, its units and its source by python3 lib/verify.py VII.E1. Figures carried from VII.01 to VII.11 are recomputed here rather than quoted, so that a practitioner checking this chapter need not open another module. The block size, the strip width, the establishment cost, the raw water value, the afforestation payment, the hourly rates and the stewardship cost are stated assumptions, printed as such, and every threshold in the chapter moves when they are replaced. The sort of the eleven chapters into operational, conditional and orienting is this chapter's own construction and a judgement; the module prints the sensitivity beside it. The enumeration of seventeen named refusals is likewise this chapter's, made from the Design and Destiny movements of the eleven, and it is a construction rather than a measurement of the volume.