Jump to ContentJump to Main Navigation
Nature in the BalanceThe Economics of Biodiversity$
Users without a subscription are not able to see the full content.

Dieter Helm and Cameron Hepburn

Print publication date: 2014

Print ISBN-13: 9780199676880

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199676880.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 22 March 2019

Natural Capital

Natural Capital

Chapter:
(p.152) (p.153) 8 Natural Capital
Source:
Nature in the Balance
Author(s):

Edward B. Barbier

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199676880.003.0008

This chapter outlines the early use of the concept of natural capital to describe the environment through to its more recent extension to include ecosystems. The concept has proved useful, and controversial, in both the economics of sustainable development and wealth accounting. Regarding sustainable development, the differing perceptions of “weak” versus “strong” sustainability hinge on the critical distinction between forms of natural capital that is substitutable and irreversibly depleted. As long as one is careful to account for the direct and indirect contributions of ecological capital to human welfare, then it is possible to extend adjusted net domestic product (NDP) to include changes in ecological capital. The example of the US is used to illustrate the more conventional extension of NDP to include basic changes in human and natural capital. Mangrove ecosystems in Thailand are employed to show the additional extension of adjusting NDP for loss of ecological capital.

Keywords:   natural capital, ecosystems, sustainable development, wealth accounting, ecological capital, human welfare, domestic product

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .