How should we understand the ‘value’ of nature?

The natural world provides all the building blocks of our lives and societies; we are embedded within it, and nothing

How should we understand the ‘value’ of nature?

The natural world provides all the building blocks of our lives and societies; we are embedded within it, and nothing without it. But our economies currently operate as though separate from nature, with consumption outstripping its supply of resources, and environmental degradation and instability worsening faster than ever.

What we need, argues Sir Partha Dasgupta, is to redefine the relationship between ecology and economy. His recently published Review on The Economics of Biodiversity proposes applying an economic lens to the value of the natural world to understand and measure the rich array of resources our planet provides, and how to use them responsibly. How can this approach help us to transform our extractive and exploitative relationship with nature into a sustainable and respectful one? Can quantifying the value of nature in economic terms be consistent with valuing our planet for its own sake?

An expert panel gathers to reflect on the findings and recommendations in the Dasgupta Review, and discuss how to rebuild our economic system with sustainable prosperity at its heart.

Sir Partha DasGupta, Frank Ramsey Professor Emeritus of Economics at the University of

Sir Partha DasGupta, Frank Ramsey Professor Emeritus of Economics at the University of Cambridge, discusses the economic significance of natural capital. He highlights how ecosystems, including farmland and forests, have historically been overlooked in economic considerations.

In his article, "Nature's Role in Sustainable Economic Development," published in Philosophical Transactions B for the Royal Society's 350th anniversary, Sir Partha advocates for integrating nature into economic development. Wendy Barnaby interviews him in a podcast about these crucial insights.