Spash, Clive L. and Clayton, Anthony M. H. (1995): Strategies for the maintenance of natural capital. Published in: (1997): pp. 143-173.
Download (2MB) | Preview
Economic models cannot give us the information society needs to define the set of possible future scenarios facing the world. Thus "optimal" economic plans are susceptible to being overwhelmed by feedbacks of which humans are ignorant as economic systems increasingly stress ecosystems. These concerns have lead to a call for the maintenance of a fixed natural capital stock as a safe minimum standard. This paper analyzes the reasoning behind defining a class of inputs to production as natural capital. Two motivations are shown to be important justifications for the new class of capital: ecological criticality and non-human intrinsic values. We argue that these justifications require the maintenance of resources which are excluded from exploitation, but that the free market system cannot achieve this goal due to a basic assumption of trade-offs being derived from utilitarianism and the basis of constraints in economic value. Three methods which have been suggested for the protection of natural capital are reviewed; namely: compensating projects, cost-benefit analysis, and scientifically designated limits. Each of these approaches is shown to be inadequate at addressing the concerns which have led to the concept of natural capital. A, fourth, more interdisciplinary and inclusive approach is necessary and a type of systems analysis, employing Sustainability Assessment Maps, is put forward as a method which could fill that gap.
This is a paper from the Ecological Economics discussion paper series edited by Clive L. Spash and run from Stirling University from 1994 to 1996. This particular paper was later published as (Spash and Clayton 1997).
Spash, C.L. & A.M.H. Clayton. 1997. The maintenance of natural capital: Motivations and methods. In Space, Place and Environmental Ethics, eds. A. Light & J.M. Smith, 143-173. Lanham, Rowman & Littlefield Publishers, Inc.
|Item Type:||MPRA Paper|
|Original Title:||Strategies for the maintenance of natural capital|
|Keywords:||natural capital; sustainability; utilitarianism; intrinsic values; strong uncertainty; ecosystem values; multiple criteria, plural values; ethics; cost-benefit analysis; compensation; regulation|
|Subjects:||H - Public Economics > H4 - Publicly Provided Goods
O - Economic Development, Innovation, Technological Change, and Growth > O2 - Development Planning and Policy
Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics > Q56 - Environment and Development ; Environment and Trade ; Sustainability ; Environmental Accounts and Accounting ; Environmental Equity ; Population Growth
Q - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q5 - Environmental Economics > Q57 - Ecological Economics: Ecosystem Services ; Biodiversity Conservation ; Bioeconomics ; Industrial Ecology
|Depositing User:||Clive L. Spash|
|Date Deposited:||21. Apr 2012 18:09|
|Last Modified:||19. Sep 2015 13:57|
Attfield R (1981) "The good of trees." In D Van De Veer and C Pierce (Editors) People, Penguins and Plastic Trees. Belmont, California: Wadsworth, 1986.
Bentham  1970 An Introduction to the Principles of Morals and Legislation. Oxford: Athlone University Press.
Berkes F and Folke C (1992) "A systems perspective on the interrelations between natural human-made and cultural capital" Ecological Economics 5 no.1 1-8.
Blaug M (1980) The Methodology of Economics Cambridge: University Press.
Boulding K E (1966) "The economics of the coming spaceship Earth" . In H Jarrett (Editor) Environmental Quality in a Growing Economy. Baltimore: John Hopkins University Press.
Brendan C C (1992) A Systems Management Approach to Evaluating Sustainability in the Context of Tourism: with Particular Reference to the Badenoch and Strathspey District of the Scottish Highlands. Unpublished M.Sc. Dissertation, University of Edinburgh.
Clark C (1991) "Economic biases against sustainable development". In R Costanza Ecological Economics: The Science and Management of Sustainability. New York: Columbia University Press.
Clayton A and N Radcliffe (1995) "Sustainability: a systems approach; a technical report for WWF" Institute for Policy Analysis and Development, Edinburgh (forthcoming).
Common M and C Perrings (1992) "Towards an ecological economics of sustainability" Ecological Economics 6 7-34
Costanza R, H E Daly and J A Bartholomew (1991) "Goals, agenda and policy recommendations for ecological economics". In R Costanza Ecological Economics: The Science and Management of Sustainability. New York: Columbia University Press.
Craig P, H Glasser and W Kempton (1993) "Ethics and values in environmental policy" Environmental Values 2 no.2 137-157.
Daly H E (1991) "Elements of environmental macroeconomics". In R Costanza Ecological Economics: The Science and Management of Sustainability. New York: Columbia University Press.
Daly H E (1990) "Toward some operational principles of sustainable development" Ecological Economics 2 no.1 1-6.
Faber M, R Manstetten and J L R Proops (1992) "Humankind and the environment" Environmental Ethics 1 no.3 217-241.
Foy G (1990) "Economic sustainability and the preservation of environmental assets" Environmental Management 14 no.6 771-778.
Freeman A M (1993) The Measurement of Environmental and Resource Values: Theory and Methods Washington, DC: Resources for the Future.
Hartwick J M (1977) "Intergenerational equity and the investing of rents from exhaustible resources" American Economic Review 66 972-974.
Hargrove E C (1989) Foundations of Environmental Ethics. Englewood Cliffs, NJ: Prentice-Hall.
Holland A (1994) "Natural capital". In R Attfield and A Belsey (Editors) Philosophy and the Natural Environment Cambridge: Cambridge University Press.
Jacobs M (1991) The Green Economy: Environment, Sustainable Development and the Politics of the Future. London: Pluto Press.
Jevons W S (1909) The Coal Question: An Inquiry Concerning the Progress of the Nation and the Probable Exhaustion of Our Coal-Mines London: Macmillan.
Keynes J M  (1973) A Treatise on Probability. London: Macmillan
Klaasen L and T H Botterweg (1976) "Project evaluation and intangible effects: a shadow project approach". In P. Nijkamp (editor) Environmental Economics, Volume 1. Leiden: Martinus Nijhoff.
Krupnick A J (1988) "Economics and the ozone standard" Resources 92 Summer 9-12.
Lehr J H (1992) Rational Readings on Environmental Concerns Van Nostrand Reinhold.
Leopold A  (1987) A Sand County Almanac. Introduction by R Finch, Oxford: Oxford University Press.
Locke J  (1988) Two Treatises of Government. Reprint edited by P Laslett Cambridge: Cambridge University Press.
Meadows D H, D L Meadows, J Randers (1992) Beyond the Limits: Global Collapse or a Sustainable Future. London: Earthscan.
Meadows D H, D L Meadows, J Randers, W W Behrens (1972) The Limits to Growth. London: Pan Books.
Munro A and N Hanley (1991) "Shadow projects and the stock of natural capital: a cautionary note". Economics Discussion Paper, University of Stirling.
National Wildlife Federation (1991) "`God Squad' Targets the Owl" EnviroAction 9 no.9 December 6-8.
Nordhaus W D (1982) "How fast should we graze the global commons?" American Economic Review, Papers and Proceedings 72 no.2 242-246.
Passmore J (1974) Man's Responsibility for Nature: Ecological Problems and Western Traditions. London: Duckworth.
Pearce D and K Turner (1990) Economics of Natural Resources and the Environment Hemel Hempstead: Harvester Wheatsheaf.
Pearce D, E Barbier and A Markandya (1990) Sustainable Development. London: Earthscan.
Pearce D, A Markandya and E Barbier (1989) Blueprint for a Blue Economy. London: Earthscan.
Redclift M (1993) "Sustainable development: needs, values, rights" Environmental Values 2 no.1 (Spring): 3-20.
Rodman J (1983) "Four forms of ecological consciousness reconsidered". In D Scherer and T Attig Ethics and the Environment. Englewood Cliffs, NJ: Prentice-Hall.
Serafy E S (1991) "The environment as capital." In R Costanza Ecological Economics: The Science and Management of Sustainability. New York: Columbia University Press.
Solow R M (1974) "Intergenerational equity and exhaustible resources" Review of Economic Studies, Symposium on the Economics of Exhaustible Resources. 29-46.
Spash C L (1995) "The political economy of nature" Review of Political Economy 7 no.3: 293-307.
Spash C L (1994) "Ethics and environmental attitudes: with implications for contingent valuation" Unpublished manuscript, Economics Department, University of Stirling 28pp.
Spash C L and N Hanley (1995) "Preferences, information and biodiversity preservation" Ecological Economics 12: 191-208.
Spash C L and I A Simpson (1993) "Protecting sites of special scientific interest: intrinsic and utilitarian values." Journal of Environmental Management 38 213-227.
Stark W (Editor) (1952) Jeremy Bentham's Economic Writings: Critical Edition Based on His Printed Works and Unprinted Manuscripts Vol. III. London: George Allen & Unwin.
Stevens T H, J Echeverria, R J Glass, T Hager and T A More (1991) "Measuring the existence value of wildlife: what do CVM estimates really show?" Land Economics 67 no.4 390-400.
Stirling A (1994) "Confronting complexity, ignorance and discord in technology choice for sustainable development." Unpublished paper, Science Policy Research Unit, University of Sussex.
Tietenberg T (1992) Environmental and Natural Resource Economics, 3rd edition. New York: Harper Collins.
Turner R K and D W Pearce (1990) "The ethical foundations of sustainable economic development" London Environmental Economics Centre paper 90-01, 40pp.
Victor P A (1991) "Indicators of sustainable development: some lessons from capital theory" Ecological Economics 4: 191-213.
Walters C (1986) Adaptive Management of Renewable Resources New York: Macmillan.