Putting a Price on Nature’s Beauty

In a recent Guardian piece George Monbiot was quite hard on my profession–or rather, on the issue of how politicians use the ideas behind the concept of economic valuation of ecosystems:

As Ronald Reagan remarked, when contemplating the destruction of California’s giant redwoods, “a tree is a tree”. Who, for that matter, would care if the old masters in the National Gallery were replaced by the prints being sold in its shop? In swapping our ancient places for generic clusters of chainstores and generic lines of saplings, the offsetters would also destroy our stories.

While I do not think that economic valuation is useless, an important question implicitly posed by Monbiot is: even if economists know what they’re doing and where the limits of their work are, is it justified to expect that politicians do? To price or not to price: That is the question…