Economic valuation: from natural resources to ecosystem services Branch and Regional Economy

Abstract

This study examines the application of the ecosystem approach, development of ecosystem services theory, and the need to record and evaluate these eco-services. The paper clarifies the concept of “natural capital” and its structure, considers the essence of new evaluation objects and their specific features, confirms the difference between functions and ecosystem services, systematizes and analyzes the existing classifications of ecosystem services in general and in relation to regulating and cultural ones. The authors propose the classification of ecosystem services which differ from international and domestic classifications but at the same time focus on achieving a certain consistency in the characteristics of ecosystem services of these classifications. The study proves that evolutionary changes in objects evaluation can be characterized by the scheme: “natural resources — natural resource potential — ecosystem services — natural capital”. The evaluation object is becoming more and more complex, including natural resources and ecosystem services of abiotic and biotic components of the environment. Natural capital becomes the main object of evaluation. The reliability of the economic evaluation requires an interdisciplinary approach, which involves relying on a system of landscape categories and involving specialists from various fields of scientific knowledge. We believe that the development of the evaluation theory in terms of clarifying the essence of the economic valuation of natural resources and the classification of ecosystem services, mainly regulating and cultural ones, will help to increase the reliability of economic value of natural resources and ecosystem services, which ultimately determines the improvement of state regulation of nature management.

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