欧洲央行：自然资本经济学（英文版）

We develop a framework underscoring the importance of incorporating natural capital into growth models and policy discussions, recognizing its role as a productive input and as a source of enjoyment. Both firms and the government face the trade-off between exploitation and conservation and can (but do not have to) engage in costly conservation. Firms optimally conserve natural capital to support future production but underinvest compared to the social optimum. Public conservation complements