What is the Economic Value of a Species? Analytical Essay
What is the Economic Value of a Species?
Examination of the relative monetary value of certain biological systems, including plants and animals.
# 120350
| 1,044 words
| 2 sources
| MLA
| 2010
| 
Published
on Jun 10, 2010
in
Environmental Studies
(Economics and Policy)
, Biology
(Zoology)
, Biology
(Ecology)
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Description:
This paper examines the prospect of assigning monetary value to a biological species. The paper explains that while a cost-benefit analysis may be a good place to start when weighing options regarding animal conservation, it has many drawbacks and should not be a singular value on which to base decisions. The paper notes, for example, that a cost-benefit analysis does not represent how valuable a species is relative to its abundance. In conclusion, the paper recommends the formation of a comprehensive panel of publicly elected representatives, including biologists, ecologists, psychologists, social experts, and religious figures, to examine all the overall benefits and possible results of losing each species, rather than just the economic aspect.
From the Paper:
"The great importance of biodiversity is seldom taught in schools, but its effects are felt by all. Biodiversity is important for health reasons, because the more diverse species exist, the fewer species that are harmful to people will affect us. This occurs as a dilution effect, where the percentage of animals that parasites attack decreases for humans. Furthermore, diverse species allows and facilitates new medical research and advancements as well as economic development and ability to adapt. Biodiversity is important because provides for economic services, biological resources, and social and cultural benefits. When trying to assess the importance of a species to human beings and society, it is crucial that each of the aspects of biodiversity be taken into account, rather than solely the economic aspect. A monetary assessment/cost-benefit analysis is a good start; however, it is a poor tool because of its lack of precision and capacity."Sample of Sources Used:
- Gatto, Marino, and Giulio De Leo. "Pricing Biodiversity and Ecosystem Services: The Never-Ending Story." BioScience (2000): 51-59. Web. 18 Nov 2009.
- Losey, John, and Vaughan, Mace. "The Economic Value of Ecological Services Provided by Insects." BioScience (2006): 39-50. Web. 18 Nov 2009.
Cite this Analytical Essay:
APA Format
What is the Economic Value of a Species? (2010, June 10)
Retrieved June 05, 2023, from https://www.academon.com/analytical-essay/what-is-the-economic-value-of-a-species-120350/
MLA Format
"What is the Economic Value of a Species?" 10 June 2010.
Web. 05 June. 2023. <https://www.academon.com/analytical-essay/what-is-the-economic-value-of-a-species-120350/>