Ecology. The value of nature and the nature of value.
Ecosystems are capital assets: When properly managed, they yield a flow of vital goods and services. Relative to other forms of capital, however, ecosystems are poorly understood, scarcely monitored, and--in many important cases--undergoing rapid degradation. The process of economic valuation could greatly improve stewardship. This potential is now being realized with innovative financial instruments and institutional arrangements.
Department of Biological Sciences, Stanford University, Stanford, CA 94305, USA. gdaily@leland.stanford.edu
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