stylistic:style_transfer, information:classification
Economic costs

Experts in environmental economics have calculated the cost of using public natural resources. One project calculated the damage to ecosystems and biodiversity loss. This was the Economics of Ecosystems and Biodiversity project from 2007 to 2011.

An entity that creates environmental and social costs often does not pay for them. The market price also does not reflect those costs. In the end, government policy is usually required to resolve this problem.

Decision-making can take future costs and benefits into account. The tool for this is the social discount rate. The bigger the concern for future generations, the lower the social discount rate should be. Another approach is to put an economic value on ecosystem services. This allows us to assess environmental damage against perceived short-term welfare benefits. One calculation is that, "for every dollar spent on ecosystem restoration, between three and 75 dollars of economic benefits from ecosystem goods and services can be expected".

In recent years, economist Kate Raworth has developed the concept of doughnut economics. This aims to integrate social and environmental sustainability into economic thinking. The social dimension acts as a minimum standard to which a society should aspire. The carrying capacity of the planet acts an outer limit.