ABSTRACT
This chapter reviews some economic aspects of biodiversity. It explores the issues, and in particular the question of what may constitute intergenerational equity in natural resources use. The chapter focuses on intergenerational equity does not imply that the needs of local people are overridden by the needs and rights of future generations. Biodiversity contributes to the maintenance of ecosystem functions that support life and contribute to human well-being. Irreversibility and uncertainty relating to ecological processes characterize the study of biodiversity. Irreversibility is typical of biodiversity loss as once a species has become extinct it cannot be restored. The chapter addresses the economic assessment of biodiversity, the precautionary principle, and the safe minimum standard of conservation. The ecological-social system is constituted by natural capital and by human capital. The chapter suggests an approach to the generation of ethical rules for environmental management based on the participation of civil society.
