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Valuing the invaluable: how much is the planet worth?

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  • Colin Mayer

Abstract

This article explores the valuation of natural capital by critically analysing alternative approaches to it. It considers the problems associated with applying economic values to natural capital and the limitations of such exercises. It examines different methods that are more familiar to accountants than economists of using what is sometimes termed ‘an engineering approach’ to estimating the costs of maintaining and restoring existing assets. It considers the arguments that are used to justify the two. In particular, it addresses the question of what we are seeking to do by determining the value of natural capital—what is the question to which valuation is supposed to be the answer?

Suggested Citation

  • Colin Mayer, 2019. "Valuing the invaluable: how much is the planet worth?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 35(1), pages 109-119.
    • Handle: RePEc:oup:oxford:v:35:y:2019:i:1:p:109-119.
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    File URL: http://hdl.handle.net/10.1093/oxrep/gry024
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    Cited by:

    1. Danny Z. X. Huang, 2021. "Environmental, social and governance (ESG) activity and firm performance: a review and consolidation," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 335-360, March.
    2. Dariusz Michalski, 2024. "Operationalization of ESG-Integrated Strategy Through the Balanced Scorecard in FMCG Companies," Sustainability, MDPI, vol. 16(21), pages 1-27, October.
    3. Georgina M Mace, 2019. "The ecology of natural capital accounting," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 35(1), pages 54-67.

    More about this item

    Keywords

    accounting; valuation;

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