Economics Quote by Barry Gardiner
“Classical economics values things by seeing how much someone will pay for them. But this is where classical economics is wrong. What it fails to account for are all the 'externalities' - the services people regard as free goods: pollination services, flood protection, climate regulation, soil stabilization, carbon sequestration.”
About This Quote
Classical economics ignores non‑market services that benefit society, such as ecological functions, leading to misvaluation of true costs and benefits.
In simple terms: Economics misses free environmental services.
Key Takeaway
Recognize and value ecosystem contributions.
Themes
economics
environment
valuation
Mood
analytical
concerned
Type
theoretical
policy
When to use this quote
- policy making
- urban planning
- resource management
Key Concepts
externalities
public goods
sustainability
Questions to Reflect On
- How can we price ecosystem services?
- What policies address these gaps?
A Different Perspective
Hard to quantify intangible benefits.
