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Line The argument for "monetizirig"-or putting a
monetary value on-ecosystem functions may be
stated thus: Concern about the depletion of natural
resources is widespread, but this concern, in the
(5) absence of an economic argument for conservation,
has not translated into significant conservational
progress. Some critics blame this impasse on
environmentalists, whom they believe fail to address
the economic issues of environmental degradation.
(10) Conservation can appear unprofitable when compared
with the economic returns derived from converting
natural assets (pristine coastlines, for example) into
explicitly commercial ones (such as resort hotels).
But according to David Pearce, that illusion stems
(15) from the fact that "services" provided by ecological
systems are not traded on the commodities market,
and thus have no readily quantifiable value. To
remedy this, says Pearce, one has to show that all
ecosystems have economic value-indeed, that all
(20) ecological services are economic services. Tourists
visiting wildlife preserves, for example, create
jobs and generate income for national economies;
undisturbed forests and wetlands regulate water
runoff and act as water-purifying systems, saving
(25) millions of dollars worth of damage to property
and to marine ecosystems. In Gretchen Daily's
view, monetization, while unpopular with many
environmentalists, reflects the dominant role that
economic considerations play in human behavior,
(30) and the expression of economic value in a common
currency helps inform environmental decision-making
processes.
monetary value on-ecosystem functions may be
stated thus: Concern about the depletion of natural
resources is widespread, but this concern, in the
(5) absence of an economic argument for conservation,
has not translated into significant conservational
progress. Some critics blame this impasse on
environmentalists, whom they believe fail to address
the economic issues of environmental degradation.
(10) Conservation can appear unprofitable when compared
with the economic returns derived from converting
natural assets (pristine coastlines, for example) into
explicitly commercial ones (such as resort hotels).
But according to David Pearce, that illusion stems
(15) from the fact that "services" provided by ecological
systems are not traded on the commodities market,
and thus have no readily quantifiable value. To
remedy this, says Pearce, one has to show that all
ecosystems have economic value-indeed, that all
(20) ecological services are economic services. Tourists
visiting wildlife preserves, for example, create
jobs and generate income for national economies;
undisturbed forests and wetlands regulate water
runoff and act as water-purifying systems, saving
(25) millions of dollars worth of damage to property
and to marine ecosystems. In Gretchen Daily's
view, monetization, while unpopular with many
environmentalists, reflects the dominant role that
economic considerations play in human behavior,
(30) and the expression of economic value in a common
currency helps inform environmental decision-making
processes.
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