Economic value of biodiversity: a rural perspective for sustainable realization

摘要

Quality of life in an economy is determined by management of different portfolios of assets-human, man-made, social and natural. Institutions determine how these portfolios are managed in an economy. As a stock of natural capital, biodiversity could be a source for increasing man-made capital as well as sustenance of communities. Substitution of natural assets by man-made assets in different stages of economic development happens at different rates. Also, in a developing economy, economic realization of such benefits encounters problems. Undervaluation and poorly defined property rights often contribute to inefficient management of natural capital. The realization of benefit flows from natural assets for subsistence is constrained by a host of other factors. Notable attempts at realizing the value in subsistence rural economies are reviewed to identify emerging issues in different contexts.