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 Dailys |
| 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. | |