This paper demonstrates how a Political Economy of Wealth – an analytical framework inspired from Ricardo's and Marx's theories of value – strengthens the analytical force of Socio- Ecological Economics in the context of the controversy over the value of nature. The Political Economy of Wealth helps to overcome some theoretical limitations encountered in Socio- Ecological Economics, to develop a critical perspective on neoclassical theory of environmental values, as well as a new justification of value incommensurability, and to move toward (...) a new research agenda that aims to study interactions between the economy and the environment from a socio-historical perspective. (shrink)

This dissertation undertakes a philosophical analysis of “natural capital” and argues that this concept has prompted economists to view Nature in a radically novel manner. Formerly, economists referred to Nature and natural products as a collection of inert materials to be drawn upon in isolation and then rearranged by human agents to produce commodities. More recently, nature is depicted as a collection of active, modifiable, and economically valuable processes, often construed as ecosystems that produce marketable goods and services gratis. Nature (...) is depicted as consisting of various unproduced mechanisms or “natural machines” that are first discovered and then channeled so as to serve human ends. In short, nature as an ideal is a kind of garden that is characterized by natural objects purposefully arranged by intentional human agents. This dissertation first lays out working definitions of the key terms, such as capital and Nature, and then traces the historical roots of natural capital in the writings of eminent classical political economists, such as Adam Smith, John Stuart Mill, and Karl Marx. I then examine the question of substitutes for “critical natural capital”, and argue that the preservation paradox is warranted: no one can restore or preserve a part of Nature without turning it into an artifact. Following the recent work of Debra Satz and Michael Sandel, I finish my dissertation by situating the question of natural capital in the broader context of whether some goods should not be for sale, particularly those I define as Basic Ecological Goods. (shrink)

Ecosystems services are provisions that humans derive from nature. Ecologists trying to value ecosystems have proposed five categories of these services: preserving, supporting, provisioning, regulating and cultural. While this ecosystem services framework attributes 'material' value to nature, sacred natural sites are areas of 'non-material' spiritual significance to people. Can we reconcile the material and non-material values? Ancient classical traditions recognise five elements of nature: earth, water, air, fire and ether. This commentary demonstrates that the perceived properties of these elements correspond (...) with the ecosystem services framework. Whilst the two can be reconciled, the 'elements of nature' framework is argued to be more suitable to make a case for conservation of sacred natural sites because it can be attractive to traditional societies whilst being acceptable to Western science. (shrink)