Evolution of environmental considerations in efficiency evaluation

Relevance. The making of any investment decision requires an economic justification, assessment efficiency. reliability the result taking into account social and environmental factors, which makes it relevant to study evolution this process. purpose research – identification stages in development theory efficiency from standpoint factor. Research methodology logical analysis, comparisons, analogy method, systematic approach. results. identified four theory. first stage, 1920s until mid-1970s, is characterized by approach assessing production sector. second mid-1970s early 1990s, distinguished emergence ecological-economic terms activities on accounting for consequences that cause formation damage. third beginning 1990-s decade twenty-first century, appearance methodological recommendations evaluating projects market conditions. detailed, consideration factors continues remain formal. Evaluation protection measures reflected materials researchers authors. During fourth XXI century present, appears ecosystem indicators, damage occurs when ecosystems are disturbed, leads a deterioration their functioning, decrease flow functions. Conclusions. In order obtain more reliable efficiency, necessary pay attention context activities, implementation accurately assess preventable using