8/

"Knowledge of the full #timeline casts a very different light, in particular on the difficulties currently encountered in the practice of #MES; far from being the expected growing pains of a young discipline, these difficulties turn out to be long-standing problems that have eluded solution over the last half-century and appear intrinsically unresolvable." [4]

#EcosystemServices #Uncertainty #ControversialMonetarisation #NonMarketValuation #PostNormalScience

5/

On aggregating uneven dimensions in ecological economics, a commentary by @blair_fix [3]

"The problem is that monetary value does not objectively weight different environmental impacts. [...]
Economists continue to debate the ‘correct’ valuation method and the ‘correct’ discount rate. But this misses the point. The problem resides in the dimension itself. Monetary value does not provide an objective way to weight different outcomes"

#NonMarketValuation

3/
On the illusion of precision:
"Policy prescription may need recourse to #CostBenefitAnalysis and related concepts [...]. Yet these hyper precise cost-benefit analyses of the pandemic clash with implication which policy cannot ignore: are we looking at all numbers? Are we looking at the right numbers?" [1]

which reminds me a vast 2022 review: "There is strong evidence that valuing nature on the basis of market prices is contributing to the present biodiversity crisis" [2]

#NonMarketValuation