Natural capital: assets, systems, and policies
阐述自然资本作为基于资产而非效用的硬概念，强调可再生自然资本为后代提供选择能力，并指出成本效益分析的局限性，提出公共资金、污染者付费和净环境增益三项核心政策原则。
Natural capital is a concept whose time has come, but is in danger of being greenwashed to suit vested interests, as has happened to sustainability. It is a hard concept based upon assets rather than utility. Natural capital assets provide the foundations for positive freedom, by providing for future generations’ capabilities and choices. This is especially the case for renewable natural capital, which can provide nature’s bounty forever, provided the assets are not driven below critical thresholds. Natural capital assets lend themselves to accounting, to balance sheets, and risk registers, and require capital maintenance. Cost–benefit analysis, being partial and on a project-by-project basis, has a limited role, since the natural environment comes in systems and is less amenable to marginal analysis. Three principles are core to the design of natural capital policies. These are: public goods with public monies; polluter pays; and compensation in the form of net environmental gain.