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Do we need natural capital accounts , and if so, which ones?

Do we need natural capital accounts , and if so, which ones?. Walter J. Radermacher Eurostat. Quality of statistical information. " C apital", "Asset", " N atural capital accounts", monetary/physical?.

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Do we need natural capital accounts , and if so, which ones?

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  1. Do we need natural capital accounts , and if so, which ones? Walter J. Radermacher Eurostat

  2. Quality of statistical information Walter J. Radermacher

  3. "Capital", "Asset", "Natural capital accounts", monetary/physical? • Capital: Stock of accumulated goods devoted to the production of other goods thus able to generate income; money or other assets • Asset: Store of value representing a benefit or series of benefits accruing to the economic owner by holding or using the entity over a period of time (SNA) • 'Stock' of natural (eco-)systems that yields a flow of valuable (ecosystem) goods or services into the future • Accounts as a set of structured tables (kg, m2, €..) Walter J. Radermacher

  4. Environmentalassets (SEEA) • Naturally occurring living and non-living components of the Earth, together constituting the biophysical environment, which may provide benefits to humanity • Mineral / energy resources • Land • … • Water ++++++++++++++++++++++ • Ecosystems / planetary systems Walter J. Radermacher

  5. Mainstreameconomic approach • National focus, quantification, valuation, substitutability • Massive lack of knowledge about the state and functioning of the phenomena in physical terms • Valuation of these phenomena is both conceptually and practically very difficult • Difficulties measuring changes over time Walter J. Radermacher

  6. Mainstreameconomic approachctd • Micro-economic view (basic mainstream axiomatic setting in economics) • Complexity of decisions is reduced to a one-dimensional choice that should be “optimal” in terms of the most efficient allocation of scarce resources ("efficiency only")! • Impact of the choices is gradual (marginal), irreversibility doesn't exist! • Property rights are clear! Walter J. Radermacher

  7. Monetisation possibility frontier Walter J. Radermacher

  8. Critical points, selected • Daly: scale, distribution, allocation • Selten: empirically supported ad hoc assumptions superior to unrealistic principles of great generality and elegance • Systems theory:conditions for the operation of a system cannot be set by the system • Popper: empirical proof of theories • Adequacy of the model: Quality • Scientific advice in democratic societies Walter J. Radermacher

  9. Policy cycle Science, economics Scenarios, models Indicators Walter J. Radermacher Problem analysis Identifying appropriate measures Target setting Implementation of measures Monitoring Correction of targets/measures

  10. What should we do? • Recognise: for monitoring SDthe 'narrow' capital approach is not adequate • While useful for assessment in specific cases at a smaller scale • Scenario techniques and modelling • Naturalcapital accounts in the sense of integrated information systems • Indicatorapproaches Walter J. Radermacher

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