The concept of 'Natural Capital' has come to play a central role in current debates about biodiversity and nature conservation. It implies an approach to the natural world based on the valuation of places and species in terms of money. This is, in a variety of ways, both attractive and problematic. This edited collection comprehensively discusses the issues raised by the concept of 'Natural Capital', with contributors presenting not only arguments for and against the widespread adoption of the idea, but also viewpoints arguing for nuanced, pragmatic and middle-ground positions.

There has been a deluge of material on biodiversity, starting from a trickle back in the mid-1980's. However, this book is entirely unique in its treatment of the topic. It is unique in its meticulously crafted, scientifically informed, philosophical examination of the norms and values that are at the heart of discussions about biodiversity. And it is unique in its point of view, which is the first to comprehensively challenge prevailing views about biodiversity and its value. According to those dominant views, biodiversity is an extremely good thing – so good that it has become the emblem of natural value. The book's broader purpose is to use biodiversity as a lens through which to view the nature of natural value. It first examines, on their own terms, the arguments for why biodiversity is supposed to be a good thing. This discussion cuts a very broad and detailed swath through the scientific, economic, and environmental literature. It finds all these arguments to be seriously wanting. Worse, these arguments appear to have consequences that should dismay and perplex most environmentalists. The book then turns to a deeper analysis of these failures and suggests that they result from posing value questions from within a framework that is inappropriate for nature's value. It concludes with a novel suggestion for framing natural value. This new proposal avoids the pitfalls of the ones that prevail in the promotion of biodiversity. And it exposes the goals of conservation biology, restoration biology, and the world's largest conservation organizations as badly ill-conceived.

This third edition of an enduring and popular book has been fully updated and revised, exploring the two opposing paradigms of sustainability in an insightful and accessible way. Eric Neumayer contends that central to the debate on sustainable development is the question of whether natural capital can be substituted by other forms of capital. Proponents of weak sustainability maintain that such substitutability is possible, whilst followers of strong sustainability regard natural capital as non-substitutable. The author examines the availability of natural resources for the production of consumption goods and the environmental consequences of economic growth. He identifies the critical forms of natural capital in need of preservation given risk, uncertainty and ignorance about the future and opportunity costs of preservation. He goes on to provide a critical discussion of measures of sustainability. Indicators of weak sustainability such as Genuine Savings and the Index of Sustainable Economic Welfare also known as the Genuine Progress Indicator are analysed, as are indicators of strong sustainability, including ecological footprints, material flows and sustainability gaps. This book will prove essential reading for students, scholars and policymakers with an interest in ecological and environmental economics and sustainable development.

Contains the 4th session of the 28th Parliament through the session of the Parliament.