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| Research article summary (published 29 Jun 2003): |
Social goals and the valuation of natural capital.
Full Abstract
Valuation ultimately refers to the contribution of an item to meeting a specific goal or objective. Conventional economic valuation is based on the goal of allocative efficiency. But other social goals may be equally, if not more, important. For example, the goals of social fairness and ecological sustainability have been identified as being at least of the same level of importance as allocative efficiency. This paper looks at the role of social goals in determining the basis for valuation of natural capital and ecosystem services, and sketches the characteristics of a system of valuation that would give equal weight to all three of the major social goals mentioned above. It also places these goals within a more comprehensive conceptual model of the economy and its relationship to the ecological life support system in which it is embedded.
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Author information
Author/s: Costanza, Robert (R);
Affiliation: Gund Institute for Ecological Economics, The University of Vermont, Burlington, Vermont, USA. rcostanz(-atsign-)zoo.uvm.edu
Journal and publication information
Publication Type: Journal Article
Journal: Environmental monitoring and assessment (Environ Monit Assess), published in Netherlands. (Language: eng)
Reference: -2003 Jul-Aug; vol 86 (issue 1-2) : pp 19-28
Dates: Created 2003/07/15; Completed 2003/10/17; Revised 2004/11/17;
PMID: 12858996, status: MEDLINE (last retrieval date: 11/6/2008)
Sourced from the National Library of Medicine. Abstract text and other information may be subject to copyright.
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