Ecological economics is an interdisciplinary science that is primarily concerned with developing interventions to achieve sustainable ecological and economic systems. While ecological economists have, over the last few decades, made various empirical, theoretical, and conceptual advancements, there is one concept in particular that remains subject to confusion: critical natural capital. While critical natural capital denotes parts of the environment that are essential for the continued existence of our species, the meaning of terms commonly associated with this concept, such as ‘non-substitutable’ (...) and ‘impossible to substitute,’ require a clearer formulation then they tend to receive. With the help of equations and graphs, this article develops new definite account of critical natural capital that makes explicit what it means for objective environmental conditions to be essential for continued existence. The second main part of this article turns to the question of formally modeling the priority of conserving critical natural capital. While some ecological economists have maintained that, beyond a certain threshold, critical natural capital possesses absolute infinite value, absolute infinite utility models encounter significant problems. This article shows that a relative infinite utility model provides a better way to model the priority of conserving critical natural capital. (shrink)

Macroeconomic measures and objectives inform and structure political perception in large systems of governance. Herman Daly and John Cobb attack the objective and measure of economic growth in For the Common Good. However, their attack is paradoxical: 1) they are in favour of strong sustainability, but construct with the ISEW an index of weak sustainability, and 2) they describe humans as person-in- community, but propose an index based on personal consumption. While the ISEW has attracted much attention, the same cannot (...) be said about the person-in- community ontology developed at length and prominently in their work. This essay therefore aims to reconstruct Daly and Cobb's criticism of growth from the person-in- community approach. It defends the ISEW as a debunking index that is motivated by the person-in- community approach and the economy-ecology scale problem, and that also engages in the politics of scale. But this does not mean that the ISEW is also a measure of sustainable economic welfare. Critics expecting this kind of sustainability index are likely to see contradictions, but not the critical role the ISEW can play for democratic accountability. Understanding the latter makes it possible to see the ISEW as a step in the evolution of political perception and action. Accordingly the essay is also intended as a contribution to the understanding of this role in a situation where sustainability indices continue to be calculated, and renewed efforts at the measurement of welfare and happiness are made. (shrink)

This article introduces an intuitive conservation dilemma called the Canyon Dilemma: Is it possible to condemn the mining of the Grand Canyon, even by a poor generation, while also permitting this generation’s mining of an unremarkable small canyon? It then argues that not one of several prominent theories of environmental justice, including various forms of egalitarianism, welfarism, deep-ecological theories, communitarianism and free-market environmentalism, can navigate this dilemma. The article concludes by highlighting the dilemma-navigating potential of the equal-claims idea – the (...) idea that the natural world is something to which every human being, present and future, has an equal, substantive claim. (shrink)

The journal Environmental Values is thirty years old. In this retrospective, as the retiring Editor-in-Chief, I provide a set of personal reflections on the changing landscape of scholarship in the field. This historical overview traces developments from the journal's origins in debates between philosophers, sociologists, and economists in the UK to the conflicts over policy on climate change, biodiversity/non-humans and sustainability. Along the way various negative influences are mentioned, relating to how the values of Nature are considered in policy, including (...) mainstream environmental economics, naïve environmental pragmatism, the strategic role of corporations, neoliberalism and eco-modernism/techno-optimism. At the same time core value debates around intrinsic value in Nature and instrumentalism remain relevant, along with how plural environmental values can be articulated and acted upon. Naturalness, human relations to non-humans, and Nature as other, remain central considerations. The broadening of issues covered by the journal (e.g. covering social psychology, sociology and political science), reflect the need to address both human behaviour and the structure of social and economic systems to confront ongoing social-ecological crises. (shrink)

The paper adopts the co-evolutionary perspective on the human society/natural environment relationship developed, particularly, by the economist Richard Norgaard. This implies that human environmental knowledge is necessarily dynamic and incomplete. By extension, it is also fragmentary, in the sense that what may hold true when considering particular spatial and/or temporal scales may otherwise be false. The paper briefly explores the implications for rationality and belief, focusing particularly on the powerful role of metaphor in our collective and individual sense-making. The implications (...) of one particular metaphor—that of natural capital—are explored. Tentative conclusions about useful educational design are proposed, drawing on recent research. (shrink)

The capital approach is frequently used to model sustainability. A development is deemed to be sustainable when capital is not reduced. There are different definitions of sustainability, based on whether or not they allow that different forms of capital may be substituted for each other. A development that allows for the substitution of different forms of capital is called weakly sustainable. This article shows that in a risky world and a risk-averse society even under the assumptions of weak sustainability the (...) circumstances under which different forms of capital may be substituted are limited. This is due to the risk-reducing effect of diversification. Using Modern Portfolio Theory this article shows under which conditions substitution of different forms of capital increases risk for future generations. (shrink)

At the time of its introduction in the end of the 1980s, the concept of natural capital represented new, more ecologically aware thinking in economics. As a symbol of novel thinking, the metaphor of natural capital stimulated a debate between different disciplinary traditions on the definitions of the concept and research priorities and methods. The concept became a means to control the discourse of sustainable development. In this paper, I focus on the power/ knowledge implications of the use of the (...) concept, and I follow the career of the concept of natural capital in ecological economic publications between the years 1988 and 2000. The main interests are in the use of the concept to affect the rules according to which claims concerning sustainable development can be made and in the constitution of objects of environmental knowledge. (shrink)

No net loss approaches to environmental policy claim that policy should maintain aggregate levels of natural capital. Substitutability between natural assets allows losses in some assets to be compensated for by gains in others while maintaining overall levels of natural capital. This paper argues that significant goods that matter to people’s well-being will be lost through a policy of no net loss. The concepts of natural capital and ecosystem services that underpin the no net loss approach to environmental policy cannot (...) capture important dimensions of value that are central to human well-being. (shrink)