Natural Capital and Human Economic Survival - Hardcover

Prough, Thomas; Prugh, Thomas; Goodland, Robert; Costanza, Robert; Cumberland, John H.; Daly, Herman; Norgaard, Richard B.

9781887490016: Natural Capital and Human Economic Survival

Hardcover

ISBN 10: 1887490019 ISBN 13: 9781887490016

Publisher: Chelsea Green Pub Co, 1995

Drawing on the theoretical insights and research experience of some of the world's leading ecological economists, Natural Capital and Human Economic Survival argues that mainstream economics has misled citizens and policy makers by viewing natural capital as only a single, rather unimportant, factor of economic production. In contrast, ecological economics views it as the very foundation of the economy.
Natural Capital and Human Economic Survival explains what natural capital is and does, and how it is threatened. It also proposes some revenue-neutral policy options that could restructure the economic system to encourage investment in natural capital. Such policies would work, in part, by properly valuing natural capital resources and services. By helping to "get the prices right," within the context of sustainable ecosystems and a fair distribution of resources they would promote true economic efficiency, equity and sustainability.

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From Booklist:

One need not be an ecofreak to see that environmental costs and benefits are ignored (or at least undervalued) in the calculus of classical and neoclassical economic theory. Prugh and his associates remedy this "bad accounting" by incorporating ecological concepts into a transdisciplinary approach that recognizes renewable and nonrenewable "natural capital" as an indispensable "life support" base for any economy. The authors contrast the assumptions and consequences of traditional economic analysis with those of an ecological economics perspective; define the nature, function, and value of natural capital; and then suggest a number of specific policy steps--including "green taxes," graded ecozoning, depletion taxes, and ecological tariffs. Such measures would reverse current incentive structures, encourage maintenance of an investment in natural capital, and "get the prices right" for our choices between sustainable and overexploitive use of the planet's limited natural capital. Clearly presented, with helpful charts, sidebars, glossary, and resource list. Mary Carroll

Review:

In this second edition, excellent insights into the fields of ecological and environmental economics are provided...very readable and understandable publication...recommended for all readers, the general public and up, with an interest in the environment.

-B.J. Peterson in Choice, December 1999

Sustainability is a widely accepted ideal for investigating and managing natural resources, but disciplined efforts to make its core principles operational are rare. This book is exceptional in developing a common, analytic framework and language for investigating how human institutions interact with ecological systems.

Sarah Michaels, School of Planning, University of Waterloo, Ontario, Canada

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