[jyl]

Not sure what he means by "natural capital".

If he means traditional extracted natural resources like oil, metals, coal, then look at stock prices for those companies and investor valuation methods which include the value of proven reserves. Investors, certainly, place a value on those resources.

If he means the natural resources that are degraded by industries as a byproduct of their businesses, like air quality, water quality, etc, then it would be harder to prove these are included in investor valuations. Would be interesting to compare companies in the same industry, some of which degrade (pollute) less and some that degrade more, and see if there is a consistent difference in valuation that is attributable to this factor. Might be hard to show that.

Also, I guess, not sure what he means by "traditional economics". It is true, I guess, that you can sit through class after class of macro-economics and never see a variable that represents the country's available natural resources. But that seems like a narrow definition.