Natural capital: valuing the coast

Abstract

The concept of natural capital has evolved greatly since the days of preclassical economics; these developments reveal a pivotal role for natural capital in economic development and justify its incorporation as a key management tool. While economic approaches and methodologies have provided advances in this area, integrated coastal zone management (ICZM) managers now need to fully integrate assessments of ecological and social features responsible for the generation of natural capital in order to better assess tradeoffs in management choices.