Journal
ECONOMICS AND PHILOSOPHY
Volume 36, Issue 2, Pages 287-306Publisher
CAMBRIDGE UNIV PRESS
DOI: 10.1017/S0266267119000191
Keywords
de re; de dicto; offsets; natural capital; ecosystem services
Funding
- European Commission
- NERC
- NERC [NE/N013530/1] Funding Source: UKRI
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No net loss approaches to environmental policy claim that policy should maintain aggregate levels of natural capital. Substitutability between natural assets allows losses in some assets to be compensated for by gains in others while maintaining overall levels of natural capital. This paper argues that significant goods that matter to people's well-being will be lost through a policy of no net loss. The concepts of natural capital and ecosystem services that underpin the no net loss approach to environmental policy cannot capture important dimensions of value that are central to human well-being.
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