The idea that natural assets are substitutable makes some environmentalists nervous. Many of the services the environment provides, likeclean water and air, are irreplaceable necessities, they point out. In theory, however, theundoubted value of these natural treasures should be reflected in their price, which shouldrise steeply as they become more scarce. A good asset manager will then husband themcarefully, knowing that it will take an ever-increasing amount of human or physical capital tomake up for further losses of the natural kind.
自 然资产可替代论让一些环保主义者不由捏一把冷汗。他们指出,自然所给予人类的供养,如洁净的水和空气是无法替代的必需品。然而,理 论上,这些自然财富不容置疑的价值应该通过价格体现出来,而价格会随着它们的稀缺而水涨船高。一位资深的资产管理人会谨慎使用这些资产,因为他知道自然资 本的空洞将变本加厉地吸取人力资本或物质资本。
In practice, however, natural assets are often hard to price well or at all. As a consequence,the UN report has to steer clear of assets like clean air that cannot be directly owned, boughtor sold. It confines itself to resources like gas, nickel and timber, for which market pricesexist. But even these market prices may not reflect a commodity s true social value.Beekeeping is one example beloved by economic theorists. Bees create honey, which can besold on the market. But they also pollinate nearby apple trees, a useful service that is notpurchased or priced.
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