By Edward B. Barbier
The fundamental unit of nature - the environment - is a different kind of wealth, which we will be able to examine as a inventory of ordinary capital. in spite of the fact that, maybe simply because this capital is unfastened, we have now tended to view it as unlimited, plentiful and regularly to be had for our use, exploitation and conversion. Capitalizing on Nature indicates how modeling ecosystems as ordinary capital might help us to research the industrial habit that has ended in the overuse of quite a bit ecological wealth. It explains how this idea of surroundings as usual capital sheds mild on a couple of vital concerns, together with panorama conversion, ecological recovery, atmosphere resilience and cave in, spatial merits and funds for surroundings providers. The ebook concludes by means of concentrating on significant coverage demanding situations that have to be conquer with a purpose to keep away from the worsening challenge of ecological shortage and the way we will be able to fund novel financing mechanisms for international conservation.
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Extra info for Capitalizing on Nature: Ecosystems as Natural Assets
As we have seen, ecosystems comprise the abiotic (nonliving) environment and the biotic (living) groupings of plant and animal species called communities. 1 for wetlands). Thus, it is the ecological production of ecosystem services from the structure and functions of these systems that are the key characteristic of these “natural” assets (Barbier and Heal 2006; NRC 2005; Polasky and Segerson 2009). If an ecosystem is left relatively undisturbed, then the flow services from the ecosystem’s structure and functions are available in quantities that are not affected by the rate at which they are used.
As discussed in Chapter 1, the literature on ecological services implies that ecosystems are assets that produce a flow of beneficial goods and services over time. , spiritual and religious beliefs, heritage values). However, for economists, the term “benefit” has a specific meaning. According to Mendelsohn and Olmstead (2009, p. ” As explained by Boyd and Banzhaf (2007, p. 619), “as end-products of nature, final ecosystem services are not benefits nor are they necessarily the final product consumed.
However, population and economic development pressures in many areas of the world usually mean that the opportunity cost of maintaining coastal landscape is not zero. 2.
Capitalizing on Nature: Ecosystems as Natural Assets by Edward B. Barbier