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University of Toronto St. George
Ecology & Evolutionary Biology
Mart Gross

Chapter 4 Ecological Economic and Direct ValuesConservation biologists use methodology and vocabulary of economics in their arguments for the protection of diversity as it is easier to convince governments and corporations to protect biological diversity when there is an economic incentive to do soWhy Economic Valuation is NeededArguments for the protection of biodiversity are often strengthened by evidence provided by ecological economics Ecological Economicsan emerging discipline that studies the interaction between economics and ecological systems facilitating the understanding between ecumenicists and ecologists and seeks to integrate their thinking into a transdiscipline aimed at developing a sustainable world Externalitiesassociated costs or benefits befall individuals not directly involved in the exchange markets may fail to maximize the net benefits to a society as a whole is externalities are presentMarket Failureoccurs when resources are misallocated which allows a few individuals or business to benefit at the expense of the larger society OpenAccess Resourcescollectively owned by society with availability to everyone who is part of that society with lack of property rights no regulation and people industries and government use and damage resources without paying more than minimal cost or pay nothing at all ie water air soilThe Tragedy of the Commonsthe value
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