| Line | The argument for “monetizing”—or putting a |
| monetary value on—ecosystem functions may be | |
| stated thus: Concern about the depletion of natural | |
| resources is widespread, but this concern, in the | |
| (5) | absence of an economic argument for conservation, |
| has not translated into significant conservational | |
| progress. Some critics blame this impasse on | |
| environmentalists, whom they believe fail to address | |
| the economic issues of environmental degradation. | |
| (10) | Conservation can appear unprofitable when compared |
| with the economic returns derived from converting | |
| natural assets (pristine coastlines, for example) into | |
| explicitly commercial ones (such as resort hotels). | |
| But according to David Pearce, that illusion stems | |
| (15) | from the fact that “services” provided by ecological |
| systems are not traded on the commodities market, | |
| and thus have no readily quantifiable value. To | |
| remedy this, says Pearce, one has to show that all | |
| ecosystems have economic value—indeed, that all | |
| (20) | ecological services are economic services. Tourists |
| visiting wildlife preserves, for example, create | |
| jobs and generate income for national economies; | |
| undisturbed forests and wetlands regulate water | |
| runoff and act as water-purifying systems, saving | |
| (25) | millions of dollars worth of damage to property |
| and to marine ecosystems. In Gretchen Daily’s | |
| view, monetization, while unpopular with many | |
| environmentalists, reflects the dominant role that | |
| economic considerations play in human behavior, | |
| (30) | and the expression of economic value in a common |
| currency helps inform environmental decision-making | |
| processes. |
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