GEF

Unit 7  |  The Economics of Sustainability 153 Unlike ecological economists, classical economists also place great emphasis on the ability of technology to provide sub- stitutes for natural resources. An example would be using synthetic fertilizers to allow agriculture on depleted soils, or building filtration plants to replace the water-cleaning capacity of degraded ecosystems. In contrast, ecological economists consider technological fixes inadequate to achieve sustainability. Ecological economists claim that traditional economists follow a “weak sustain- ability” position, because they do not emphasize sustainable solutions. The “strong sustainability” position of ecological economists emphasizes the irreplaceability of natural resources and processes. 7.5  Placing a Value on Nature One challenge of ecological economics is that goods and ser- vices without a monetary value are not accounted for in market systems. Usually, there is no dollar value placed on resources such as a clean river. Ecological economists are developing metrics for the monetary valuation of nature, and have demon- strated that natural services are extraordinarily valuable when expressed in monetary terms. Placing a dollar value on ecosystem services could help people and companies recognize their worth. ?  DID YOU KNOW According to the 2013 study “Natural Capital at Risk: The Top 100 Externalities of Business,” by Trucost, environmental externali- ties—including loss of natural resources and nature-based services—cost the global economy $4.7 trillion per year. This high valuation sends a signal to markets that natural resources are worth protecting.