Despite all the potential problems with "bean counting" nature and natural capital, we must do it.
By not accounting for the value that nature provides humans, our society has collectively mismanaged it. Our demands on nature far exceed its capacity, putting huge pressure on biodiversity and creating enormous risk for society.
Economics omits natural capital. This has enabled the large scale destruction of nature. Between 1992 and 2014, a period when produced capital per person doubled, and human capital per person increased by about 13%, the stock of natural capital per person declined by nearly 40 percent.
Like it or not: what gets measured, gets managed.
Pricing what is valuable is the only way to end the nature and biodiversity crisis that is disguised as climate change.
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