Geoffrey Heal: Managing the Global Commons 2/5

The video discusses the concept of natural capital, emphasizing its economic value and the shortcomings of GDP in capturing this value. It highlights the importance of sustainability and the need for alternative economic measures. The speaker references historical perspectives, such as Roosevelt's view on natural resources, and introduces a new paradigm of managing capital stocks. The discussion includes the integration of ecological and economic concepts, focusing on ecosystem services and the challenges of substituting natural capital with physical and intellectual capital.

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