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A coral reef is an example of critical natural

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Unformatted text preview: l may be irreversible: for instance, once a species goes extinct, it is lost forever. Some components of ecosystems like coral reefs cannot be removed without collapse of the entire ecosystem. A coral reef is an example of critical natural capital, since no other form of capital can substitute for it (Adams 2006)." According to Ott (2003) “Many economists now accept that a minimum stock of natural capital is critical for human survival and well-being. If so, weak sustainability needs to integrate a notion of critical natural capital, including criteria for its determination… But if economists accept the necessity of critical natural capital, they implicitly drop the assumption of unlimited substitutability.” The precautionary principle and the minmax principle (strategy for minimizing potential loss while maximizing potential gain) both argue for strong sustainability (Ott 2003). Thus, in this book we advocate strong sustainability, in which sustainable development and sustainable maintenance require that we balance the books independently...
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