Book Reviews

Abstract

Martin L. Weitzman of Harvard University reviews “Nature in the Balance: The Economics of Biodiversity”, by Dieter Helm and Cameron Hepburn. The Econlit abstract of this book begins: “Fourteen papers present an economic approach to biodiversity, specifically the conceptual and empirical work on valuation, international agreements, the policy instruments, and the institutions, and address the economic issues involved in biodiversity protection. Papers discuss the economic analysis of biodiversity; biodiversity--its meanings, roles, and status; identifying and mapping biodiversity--where can we damage?; the U.K. National Ecosystem Assessment--valuing changes in ecosystem services; valuing ecosystem services and biodiversity; the economics of ecosystems and biodiversity--challenges and responses; natural capital; biodiversity and national accounting; a review of biodiversity, poverty, and development; regulating global biodiversity--what is the problem?; whether biodiversity policies work--the case for Conservation Evaluation 2.0; whether investments promote biodiversity conservation and ecosystem services are aligned; incentives, private ownership, and biodiversity conservation; and the potential for speculation to threaten biodiversity loss. Helm is a professor and Fellow in Economics with the New College at the University of Oxford, and Chairman of the Independent Natural Capital Committee. Hepburn is Professor of Environmental Economics in the Smith School and the Institute of New Economic Thinking at the Oxford Martin School, all at the University of Oxford.”