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The Crowding Out of Complex Social Goods
journal contributionposted on 2023-05-20, 08:46 authored by Natalie StoecklNatalie Stoeckl, Hicks, C, Farr, M, Grainger, D, Esparon, M, Thomas, J, Larson, S
The valuation of ecosystem services to inform natural resource management and development has gained acceptance in many arenas. Yet, contemporary economic valuation is constrained to the appraisal of simple goods that generate benefits that accrue to individuals, neglecting complex goods that generate benefits that accrue to society more broadly. Methodological barriers to the valuation of complex social goods have led to their frequent omission from natural resource management deliberations. The prevailing valuation paradigm that focuses on simple individual goods may erode conservation efforts by crowding out the institutions and behaviours that support socially constructed ecosystem service values. Erosion of these values ultimately harms the environment and society as a whole. The institutionalisation of appropriate methods for estimating the value of complex social goods alongside existing methods for valuing simple individual goods within international conservation, development and policy-making discourses, is therefore an important evolution for sustainable natural resource management.
Publication titleEcological Economics
Department/SchoolCollege Office - College of Business and Economics
PublisherElsevier Science Bv
Place of publicationPo Box 211, Amsterdam, Netherlands, 1000 Ae