Word: economice
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No Chief Economic Spokesperson. Quick: Name all three of Bush's Treasury Secretaries. Hard to do, isn't it? Like Bush, Obama has failed to install an economics commander in chief who can serve as the public face and the in-house honcho of the Administration's financial team. Treasury...
While such economic arrangements hold great promise, Barbier warns that focusing on one "ecosystem service" - as opposed to grappling with complex systems and interactions - can distort value. He also notes that payments may not cover all the costs of preservation, particularly in the short term. But they may, for instance...
The renewed interest in valuing nature gives Barbier some optimism. "If through scientific and economic analysis we can show the benefits that the natural environment offers, and show that the economic value is not zero, this gives policy makers a vehicle for addressing our fragile ecosystems," he says.
According to Costanza, we need different institutions for managing natural capital because of its "public good" aspects. For example, there are systems of payments for ecosystem services, such as compensating farmers who plant trees for carbon sequestration. These could be embedded in common asset trusts, set up to assign property...
Pavan Sukhdev observes, "The loss of forests worldwide amounts to somewhere between $2 trillion and $4.5 trillion a year. Losses in the U.S financial sector [in the economic downturn] were between $1 and 1.5 trillion. But the banks made the headlines."