Natural capital and the growth economy

It is argued that the term 'natural capital' contains two contradictory ideas. The word 'natural' refers to a world governed by ecological relationships while 'capital' refers to a world governed by the laws of the market. Current efforts to place economic values on environmental goods are discussed. The inadequacy of using either standard economic approaches or approaches suggested by ecological economists to place market values on biodiversity is examined. Possible paths to environmental sustainability are discussed.