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Economic Dynamics and Sustainable Development – Resources, Factors, Structures and Policies

Proceedings ESPERA 2015 – Part 1 and Part 2

Edited By Luminita Chivu, Constantin Ciutacu, Valeriu Ioan-Franc and Jean-Vasile Andrei

The book is dedicated to the 150th anniversary of the Romanian Academy. It contains the most valuable 100 papers presented at the International Conference «Economic Scientific Research – Theoretical, Empirical and Practical Approaches» (ESPERA 2015). The event is initiated annually by the National Institute for Economic Research «Costin C. Kirițescu» of the Romanian Academy. ESPERA aim to present and evaluate the economic scientific research portfolio as well as to argue and substantiate development strategies, including European and global best practices. ESPERA intend to become a scientific support for the conceptualization and the establishment of policies and strategies and to provide a systematic, permanent, wide and challenging dialogue within the European area of economic and social research.

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Problems of Ecosystem Services and Natural Capital Evaluation (Olja Munitlak Ivanović / Jovan Zubović / Petar Mitić)


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Olja Munitlak Ivanović1, Jovan Zubović2 & Petar Mitić3

Problems of Ecosystem Services and Natural Capital Evaluation

Abstract: As a result of two decades that included a global financial and economic crisis, energy crisis, food and drinking water shortages, along with the inevitability of climate change, it became easier to understand why the ability to maintain prosperity in the world had been compromised. Therefore a growing need for new methods to evaluate the impact of global changes in 21st century such as poverty, climate change, devastation of resources, quality of life and health status of the nations has emerged. A global and regional ecological crisis draw attention to the need of the ecosystem approach to economic decisions. Late in 20th century attempts to monetise ecosystem services was intensified. The aim of this paper is to present new trends in the international debate on evaluation of growth and prosperity. Authors analyze the gross domestic product (GDP), raising the question whether it is obsolete as a uniform indicator. Special emphasis is given to problems of evaluation of ecosystem services and natural capital. The concept of ecosystem services and their classification is highlighted with a detailed review of the current methodologies on their evaluation. The last part of the paper deals with the impact of decision-makers on the environment, and elaborates the challenges ahead for the Republic of Serbia.

Keywords: Ecosystem Services, Natural Capital, GDP, Environment

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