ABSTRACT
Environmentalists have long noted that many of natures gifts, such as the show the stars put on at night, are "public goods"; in other words, they are not traded in commercial markets, no one can be excluded from using them, and one person's use does not limit another's, at least up to some congestion point. Many people share the suspicion that public policy is often based on implicit valuations that have never been articulated or defended. Some argue that valuation of ecosystems is either impossible or unwise, that the people cannot place a value on such "intangibles" as human life, environmental aesthetics, or long-term ecological benefits. The Nature article urges us to recognize the benefits ecosystems provide for free, in the hope that this will prompt us to defend these systems from relentless exploitation and destruction. The Nature article, in contrast, seeks to "correct" market prices "to better reflect the value of ecosystem services and natural capital".
