Is Some Number Assigned to Nature Better Than No Number?

Imagine the following situation: a 6-year old approaches you holding in his hands a picture – he drew a dolphin. Then you see a number above the dolphin, with an €-sign at its end, and the child tells you that the dolphin costs this amount of money. When you ask him, however: Where does the number come from? Who is to pay this to whom? And what is the expected result of the transaction?, he knows no answer.  This situation is not so much dissimilar from what sometimes happens when economists attempt to assign a value to ecosystems. Continue reading

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