Leading economists raise alarm at vanishing wealth of nature

The problem? We currently lack the tools to adequately measure and understand the value of nature, meaning it is largely invisible to policymakers. Secondly, many economic models assume that environmental value can be easily and indefinitely replaced by man-made value; for example, the loss in natural capital from logging a forest is off-set by the creation of valuable jobs and timber – ignoring the question of what happens when the last tree is cut down. Finally, we don’t have the laws and institutions required to protect our critical stocks of natural capital from unsustainable exploitation. Full article.