What is it about?
Kapustka and McCormick have worked in the areas of ecology and sustainability and promote a systems-based approach that includes societal values to inform environmental management decision-making.
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Why is it important?
The flaws of neoclassical economics have been exposed for decades, yet society keeps deferring to those who insist on making decisions solely on the basis of monetized values. Humans, individually and in communities, use a much wider range of ways to weigh the merits of actions, often at odds with the pronouncements of monetized values. This commentary argues for expanding the perspectives to acknowledge the importance of non-monetized values in decision-making.
Perspectives
We believe that the use of non-monetized values aligns with the ways that individuals and communities make decisions about the use and maintenance of ecological goods and services -- the stocks and flows of ecosystem services. Ordinary citizens, especially those who live close to the land, intuitively understand the benefits of including non-monetized values in their day-to-day activities. This commentary provides brief references to scholarly works that establish the foundation for moving this approach into the mainstream of environmental management.
Dr Lawrence A. Kapustka
LK Consultancy
Read the Original
This page is a summary of: The rationale for moving beyond monetization in valuing ecosystem services, Integrated Environmental Assessment and Management, March 2015, Wiley,
DOI: 10.1002/ieam.1622.
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