Economics, as the study of how to allocate limited resources, relies on valuation to provide society with information about the relative level of resource scarcity. The value of ecosystem services and biodiversity is a reflection of what we, as a society, are willing to trade off to conserve these natural resources. Economic valuation of ecosystem services and biodiversity can make explicit to society in general and policy making in particular, that biodiversity and ecosystem services are scarce and that their depreciation or degradation has associated costs to society. If these costs are not imputed, then policy would be misguided and society would be worse off due to misallocation of resources.
|Title of host publication||The Economics of Ecosystems and Biodiversity|
|Subtitle of host publication||Ecological and Economic Foundations|
|Place of Publication||United Kingdom|
|Publisher||Taylor & Francis|
|Number of pages||74|
|Publication status||Published - 1 Jan 2012|