Unexplainable Can you put a price on nature?
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Jun 19, 2024 Exploring the economic value of bats in agriculture and biodiversity, the challenges of assigning a monetary value to ecological services, and the impact of white-nose syndrome. Delving into the complexities of valuing nature beyond monetary terms, considering non-use values and societal dynamics. Emphasizing the need to estimate economic benefits of preserving nature to prevent future pandemics. Previewing the Fed's role in controlling inflation in the next episode.
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White-Nose Syndrome Threat
- Amy Ando learned about white-nose syndrome, a fungus killing millions of bats.
- Protecting bats has costs, raising the question of their economic worth.
Economics for Conservation
- Environmental economics quantifies nature's benefits to protect it.
- This helps justify the cost of interventions like bat conservation.
Bats' Economic Value
- Bats provide free pest control labor, benefiting farmers.
- Their value can be assessed by the cost of replacing this service.