Conserving Economics for Biodiversity: Reflections on “The Dasgupta Review”

Rajeswari S Raina

Ecology, Economy and Society - the INSEE Journal, 2021, vol. 04, issue 02

Abstract: The Economics of Biodiversity: The Dasgupta Review (Dasgupta 2021), henceforth the Review, tells us that we are embedded in Nature and our economies are bounded within Nature. It helps us estimate the value of natural capital and include it in estimations of economic output. The Review’s key messages concern (i) keeping our demands well within Nature’s supply, (ii) moving away from gross domestic product (GDP) towards inclusive wealth as a measure of economic success, and (iii) acknowledging the institutional failure in addressing global environmental problems and resolving them through institutional reforms in the financial and education systems. However, this commentary suggests that the Review is about conserving economics for biodiversity. It offers little opportunity for transformative change in our thinking and acting, to change our relationship with Nature so that we can conserve its diversity and dynamism. This commentary suggests possible ways forward, drawing upon lessons on non-linear behaviour, emergent properties, and complexity in Nature. These include looking to niche communities that live within the limits set by Nature, learning from various environmental social sciences on how to maintain and promote the aggregate stocks and funds of Nature; and finding ways to include economic activity and output in value frameworks of sustainability, justice, and diversity.

Keywords: Environmental; Economics; and; Policy (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:ags:inseej:343094

DOI: 10.22004/ag.econ.343094

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