Toward a relational biodiversity economics: Embedding plural values for sustainability transformation

Area of Science:

• Ecological economics
• Environmental social science
• Biodiversity conservation

Background:

• The global biodiversity crisis is driven by prioritizing market over nonmarket values of nature.
• Conventional economic valuation struggles to capture the full spectrum of nature's diverse, relational, and intrinsic values.
• Recognizing diverse values is essential for sustainability transformations.

Purpose of the Study:

• To explore expanding the consideration of diverse values within biodiversity economics.
• To review conventional and heterodox economic approaches for integrating pluralistic values.
• To propose a relational biodiversity economics paradigm for human-nature flourishing.

Main Methods:

• Review of conventional and heterodox economic approaches to valuing nature.
• Synthesis of foundations for a relational biodiversity economics paradigm.
• Analysis of worldviews, values, value indicators, and life frames.

Main Results:

• Conventional economics often frames nature as a passive, substitutable asset, limiting recognition of its full value.
• Integrating pluralistic values requires a relational approach transcending people-nature dualism.
• A relational paradigm considers nature as place, self, and harboring agency.

Conclusions:

• Expanding the consideration of nature's diverse values is fundamental for sustainability.
• A relational biodiversity economics can overcome limitations of conventional economic assumptions.
• This approach better reflects lived experiences and supports just, sustainable futures.