The loss of biodiversity affects us in many ways. For some of
us, its loss is felt in the same way that we regret the
destruction of a great work of art- it may not affect us
directly, but the indirect impact is strong. For others, its
loss is felt in changes in lifestyles and livelihoods- the
measurable costs are high. Striking the right balance between
the conservation/sustainable use and the loss of biodiversity
requires accounting for all the impacts of its destruction.
Weighing the loss against any potential benefits will ensure
that the social, as well as economic, well-being of every one
are at the best levels possible. Market based economic systems
have the potential to ensure that such a balancing occurs, but
require that all the impacts of its loss, or use, have been
fully internalised into market transactions. This book shows how
public policy in the form of market creation can be used to
internalise the loss of biodiversity. It promotes the use of
markets to ensure that our collective preferences