Biodiversity as a Commodity
Paine Webber; Money, Economics and Finance Working Paper No. 99-07
Posted: 6 Oct 1999
Date Written: July 1999
Abstract
What is the nature of biodiversity as an economic commodity and why does it matter? How would its conservation contribute economically to our well being? I consider three issues:
Why is biodiversity important from an economic perspective?
What kind of commodity is it?
Does our usual economic mechanism, the market system, have the capacity to appreciate the economic value of biodiversity?
I first characterize biodiversity from an economic perspective, and then consider the capacity of our main economic institutions to realize the value of biodiversity and ensure that it is treated in a way commensurate with its importance.
JEL Classification: Q20, Q30
Suggested Citation: Suggested Citation
Geoffrey M. Heal (Contact Author)
Columbia University - Columbia Business School, Finance ( email )
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New York, NY 10027
United States
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212-316-9219 (Fax)
HOME PAGE: http://www.gsb.columbia.edu/faculty/gheal/