Abstract
• Critical review of concepts, estimation, data for monetary evaluation of ES and NC. • The meaning of monetary evaluation. • The Cambridge capital controversy and natural capital. • Monetary valuation of non-marginal changes vulnerable to the fallacy of composition. • Conceptualizing natural as capital invites exploitation of the rest of nature. Current controversies in valuing the cost of environmental changes like climate change and biodiversity loss have exposed serious flaws in standard welfare economics. Many of these arise from the assumption that social value can be calculated using the revealed or stated preferences of self-regarding, narrowly rational individuals ( Parks and Gowdy, 2013, p. 1 ). In recent decades, markets and market-oriented thinking have reached into spheres of life traditionally governed by nonmarket norms ( Sandel, 2012 ).
Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
