Here’s another attempt to link ecological and economic systems:
Integration of ecological-biological thresholds in conservation decision making
In the Anthropocene, coupled human and natural systems (CHANS) dominate and only a few natural systems remain without drastic human influence. Conservation criteria, such as many of those proposed by conservation biologists and ecologists with reference to areas of minimal human impact, are not relevant to much of the biosphere. On the other hand, conservation criteria delineated within economics are problematic with respect to their ability to arrive at operational indicators of well-being that can be applied in practice over multi-generational time spans. CHANS are subject to the process of economic development which, under current management structures, tends to afflict natural systems and transgress planetary boundaries. Hence, designing and applying conservation criteria applicable in real world systems where human and natural systems need to interact and sustainably coexist is essential. By both recognizing the criticality of satisfying basic needs as well as the great uncertainty over the needs and preferences of future generations, the current paper seeks to incorporate strict conservation criteria into economic evaluation. Specifically, these criteria require the conservation of environmental conditions such that the opportunity for intergenerational welfare optimization is maintained. In this direction, we propose the integration of ecological-biological thresholds into decision-making and use as an example the planetary boundaries approach. As such, both conservation biologists and economists must be involved in defining operational ecological-biological thresholds which can be incorporated into economic thinking and reflect the objectives of conservation, sustainability and intergenerational welfare optimization. As a result, we delineate the axioms of an operational framework of sustainability and hence set the basis for an interdisciplinary research agenda.