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The concept of natural capital

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  • Edward B Barbier

Abstract

The natural environment is now commonly viewed as a form of capital asset, or natural capital. Also included are ecosystems that provide important goods and services to the economy. Managing natural capital has consequences for sustainable development. However, there are contrasting weak versus strong sustainability views, which in turn have implications for ‘green’ accounting. Natural resource-based sovereign wealth funds have emerged as key financial instruments for compensating resource depreciation with greater economy-wide investments. Recent scientific evidence recommends demarcating ‘safe operating spaces’ to limit exploitation of critical global biophysical subsystems or processes. These challenges suggest that the concept of natural capital is pivotal to sound policy.

Suggested Citation

  • Edward B Barbier, 2019. "The concept of natural capital," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 35(1), pages 14-36.
    • Handle: RePEc:oup:oxford:v:35:y:2019:i:1:p:14-36.
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    File URL: http://hdl.handle.net/10.1093/oxrep/gry028
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    Citations

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    Cited by:

    1. Basu, Rahul & Pegg, Scott, 2020. "Minerals are a shared inheritance: Accounting for the resource curse," MPRA Paper 102270, University Library of Munich, Germany.
    2. Alan Randall, 2022. "Driving with Eyes on the Rear-View Mirror—Why Weak Sustainability Is Not Enough," Sustainability, MDPI, vol. 14(16), pages 1-13, August.
    3. Dieter Helm, 2019. "Natural capital: assets, systems, and policies," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 35(1), pages 1-13.
    4. Edward B. Barbier & Joanne C. Burgess, 2021. "Sustainable Use of the Environment, Planetary Boundaries and Market Power," Sustainability, MDPI, vol. 13(2), pages 1-19, January.
    5. Aulicino, Giuseppe & Cesarano, Cinzia & Zerrouki, Mohamed & Ruiz, Simon & Budillon, Giorgio & Cotroneo, Yuri, 2021. "On the use of ABACUS high resolution glider observations for the assessment of phytoplankton ocean biomass from CMEMS model products," Ecological Modelling, Elsevier, vol. 455(C).
    6. Addison, Tony & Ghoshray, Atanu, 2023. "Discerning trends in international metal prices in the presence of nonstationary volatility," Resource and Energy Economics, Elsevier, vol. 71(C).
    7. Barbier , Edward B., 2020. "From Limits to Growth to Planetary Boundaries: The Evolution of Economic Views on Natural Resource Scarcity," 2020 Conference (64th), February 12-14, 2020, Perth, Western Australia 305259, Australian Agricultural and Resource Economics Society.
    8. Andrew M. Neill & Cathal O’Donoghue & Jane C. Stout, 2020. "A Natural Capital Lens for a Sustainable Bioeconomy: Determining the Unrealised and Unrecognised Services from Nature," Sustainability, MDPI, vol. 12(19), pages 1-24, September.
    9. Michael-Bitton, Geula & Gal, Gideon & Corrales, Xavier & Ofir, Eyal & Shechter, Mordechai & Zemah-Shamir, Shiri, 2022. "Economic aspects of fish stock accounting as a renewable marine natural capital: The Eastern Mediterranean continental shelf ecosystem as a case study," Ecological Economics, Elsevier, vol. 200(C).
    10. Edward B. Barbier & Joanne C. Burgess, 2019. "Scarcity and Safe Operating Spaces: The Example of Natural Forests," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 74(3), pages 1077-1099, November.
    11. Silvio Franco & Barbara Pancino & Angelo Martella, 2021. "Mapping National Environmental Sustainability Distribution by Ecological Footprint: The Case of Italy," Sustainability, MDPI, vol. 13(15), pages 1-14, August.
    12. Topf, Julie & Schultz, Leonardo A. & Silva, José Maria Cardoso da, 2023. "An index to measure the sustainability of place-based development pathways," Ecological Economics, Elsevier, vol. 204(PA).
    13. Barbier, Edward B. & Burgess, Joanne C., 2019. "Sustainable development goal indicators: Analyzing trade-offs and complementarities," World Development, Elsevier, vol. 122(C), pages 295-305.
    14. Brück, Maria & Abson, David J. & Fischer, Joern & Schultner, Jannik, 2022. "Broadening the scope of ecosystem services research: Disaggregation as a powerful concept for sustainable natural resource management," Ecosystem Services, Elsevier, vol. 53(C).
    15. Anna Denkowska & Agnieszka Lipieta, 2022. "Optimal Demand-Driven Eco-Mechanisms Leading to Equilibrium in Competitive Economy," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 14(3), pages 225-262, September.
    16. Seymour, Valentine & Willls, Betheney & Wilkin, Paul & Burt, Peter & Ikin, Ed & Stevenson, Philip C., 2022. "Incorporating citizen science to advance the Natural Capital approach," Ecosystem Services, Elsevier, vol. 54(C).
    17. Ioannis Souliotis & Nikolaos Voulvoulis, 2021. "Natural Capital Accounting Informing Water Management Policies in Europe," Sustainability, MDPI, vol. 13(20), pages 1-24, October.

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