We have reached a point where the value we do add to our economy is now being outweighed by the value we are removing, not only from future generations in terms of diminished resources, but from ourselves in terms of unlivable cities, deadening jobs, deteriorating health, and rising crime. In biological terms, we have become a parasite and are devouring our host.
We need to revise our economic thinking to give full value to our natural resources. This revised economics will stabilize both the theory and the practice of free-market capitalism. It will provide business and public policy with a powerful new tool for economic development, profitability, and the promotion of the public good.
While there may be no "right" way to value a forest or a river, there is a wrong way, which is to give it no value at all. How do we decide the value of a 700-year-old tree? We need only to ask how much it would cost to make a new one, or a new river, or even a new atmosphere.
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