Reframing the value of nature: biological value and institutional homeostasis

The importance of the economic valuation of nature is frequently propagated by arguing that more and better economic valuation will avoid the undervaluation and thereby the degradation of nature. In the approach considered 'economic', the assumptions on rationality, human interaction and the nature of the good remain unchanged although human-nature relationships need to change and biological and neurophysiological aspects of human nature need to be considered for well-being and survival. I discuss the shortcomings of economic valuation in that respect and suggest scenarios depicting pathways of change in a matrix of socio-ecological connectedness and integrative capacity of institutions.