The value of nature should be recognized in economic decisionmaking from "summary" of Economics of the Environment by Robert N. Stavins
Recognizing the value of nature in economic decision-making is essential for ensuring sustainable development. This concept emphasizes the importance of taking into account the economic benefits that nature provides when making decisions that impact the environment. In many cases, the value of nature is not fully appreciated or reflected in economic analyses, leading to decisions that undervalue natural resources and ecosystem services. By recognizing the value of nature in economic decision-making, policymakers can better assess the trade-offs involved in different courses of action. This requires incorporating the economic value of ecosystem services, such as clean air and water, into cost-benefit analyses. By doing so, decision-makers can more accurately weigh the benefits of protecting nature against the costs of development or exploitation. Failure to recognize t...
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