Chapter 11: The conservation and loss of wild biodiversity and natural ecosystems: basic economic issues
Whereas the previous part of this book focused primarily on human managed biodiversity and human developed ecosystems, this part deals mainly with the economics of the conservation and loss of wild biodiversity and natural ecosystems. The discussion in this chapter extends that in Chapters 2 and 3, by paying particular attention to the basic economics of the loss of wild biodiversity, including natural ecosystems. However, it needs to be recognized that there is no distinct division between wild (unmanaged) biodiversity and human managed biodiversity because the extent to which human beings influence biodiversity forms a continuous spectrum. Nevertheless, because of bounded rationality, it is not practical to analyse all possibilities on the multidimensional spectrum of biodiversity. It is only practical to analyse some of the ‘ideal’ or selected types in this spectrum. By doing so, we can obtain an improved appreciation of the whole spectrum and can develop our selection of economic techniques to assess these different situations. In cases where biodiversity is highly controlled by human beings, private goods (the consumption of which is rivalrous and excludable) are mainly produced.
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