Valuation of ecosystem services in Harike Wildlife Sanctuary, Punjab: a case study

Abstract

Economics, which focuses on how to distribute finite resources, uses the value to inform society about the relative degree of resource scarcity. The value of biodiversity and ecosystem services is a reflection of what our civilization is ready to give up to protect these natural treasures. Ecosystem services and biodiversity can be economically valued to make it clear to society at large and policymakers in particular that these resources are rare and that society bears costs when they are destroyed or degraded. If these costs are not taken into account, policy would be poor and society would suffer from poor resource allocation.