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Natural capital and the growth economy

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  • John M. Gowdy

    (Department of Economics Sage Hall Rensselaer Polytechnic Institute Troy, New York 12180)

Abstract

It is argued that the term 'natural capital' contains two contradictory ideas. The word 'natural' refers to a world governed by ecological relationships while 'capital' refers to a world governed by the laws of the market. Current efforts to place economic values on environmental goods are discussed. The inadequacy of using either standard economic approaches or approaches suggested by ecological economists to place market values on biodiversity is examined. Possible paths to environmental sustainability are discussed.

Suggested Citation

  • John M. Gowdy, 1994. "Natural capital and the growth economy," Sustainable Development, John Wiley & Sons, Ltd., vol. 2(1), pages 12-16.
    • Handle: RePEc:wly:sustdv:v:2:y:1994:i:1:p:12-16
    DOI: 10.1002/sd.3460020103
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    References listed on IDEAS

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    1. David S. Brookshire & Larry S. Eubanks & Alan Randall, 1983. "Estimating Option Prices and Existence Values for Wildlife Resources," Land Economics, University of Wisconsin Press, vol. 59(1), pages 1-15.
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    Cited by:

    1. Anna Széchy & Zsuzsanna Szerényi, 2023. "Valuing the Recreational Services Provided by Hungary’s Forest Ecosystems," Sustainability, MDPI, vol. 15(5), pages 1-16, February.

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