5. Ecological economics and monetary valuation of nature: A tumultuous history
Méral, Philippe
5. Ecological economics and monetary valuation of nature: A tumultuous history - 2021.
26
At the end of the 1980s, an epistemic community, ecological economics, was created in opposition to natural resources economics and environmental economics, which formed part of the neoclassical paradigm. However, the dividing lines between these two currents have become, over time, increasingly blurred, creating bridges between authors, concepts, methodologies, and tools. The objective of this article is to analyze this evolution by drawing on one of the controversies: the monetary valuation of the environment. To do so, we focus on the article “The Value of the World’s Ecosystem Services and Natural Capital” published by one of the leading ecological economists, Robert Costanza, in the journal Nature in 1997.JEL Classification: Q57, Q51, A12, B29, B30, B59
5. Ecological economics and monetary valuation of nature: A tumultuous history - 2021.
26
At the end of the 1980s, an epistemic community, ecological economics, was created in opposition to natural resources economics and environmental economics, which formed part of the neoclassical paradigm. However, the dividing lines between these two currents have become, over time, increasingly blurred, creating bridges between authors, concepts, methodologies, and tools. The objective of this article is to analyze this evolution by drawing on one of the controversies: the monetary valuation of the environment. To do so, we focus on the article “The Value of the World’s Ecosystem Services and Natural Capital” published by one of the leading ecological economists, Robert Costanza, in the journal Nature in 1997.JEL Classification: Q57, Q51, A12, B29, B30, B59
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