Old-fashioned economic thinking is driving biodiversity loss—study calls for shift in how we value nature

Stephanie Baum
scientific editor

Robert Egan
associate editor

Old-fashioned economic thinking is driving biodiversity loss, according to a new international study led by Aberystwyth University academics, which calls for a fundamental shift in how nature is valued.
Published in the journal Proceedings of the National Academy of Sciences, the new proposes a transformative approach to economics—one that recognizes nature not merely as a resource, but as a living system deeply intertwined with human identity, culture, and well-being.
The findings build on the United Nations' Intergovernmental Platform on Biodiversity and Ecosystem Services (IPBES) Values Assessment, which advocates for a more inclusive understanding of nature's worth.
The new paper highlights the importance of relational values—such as heritage, stewardship, and spiritual connection—in shaping how people interact with and care for the natural world.
Lead author Professor Jasper Kenter, a Research Fellow in Deliberative Ecological Economics at Aberystwyth Business School, said, "We relate to nature in countless ways. It's not just about ecosystems or resources—biodiversity shapes our communities, our mental and physical health, our sense of place and belonging, our spirituality.
"Traditional economic thinking has been too narrow and technocratic to capture these diverse values, often leading to conflict over land use and conservation priorities. To make better decisions that reflect people's lived experiences, we need a paradigm shift."
The paper introduces a new framework—relational biodiversity economics—which seeks to embed these broader values into economic decision-making.
This new way of thinking provides a different, more socially inclusive way to assess complex trade-offs, such as balancing land use for food production, housing, carbon storage, and nature conservation.
Co-author Professor Mike Christie, also of Aberystwyth Business School and co-chair of the United Nations' IPBES Values Assessment, added, "Halting biodiversity loss requires us to rethink the very foundations of economic decision-making. But this is about more than economics—it's about reimagining our relationship with the natural world. By recognizing that people and economies are embedded within nature, we can build more resilient, inclusive, and sustainable futures."
"This work adds to a growing body of evidence calling for transformative change in how societies understand and engage with nature—a shift that could be key to reversing biodiversity decline."
More information: Kenter, Jasper O., Toward a relational biodiversity economics: Embedding plural values for sustainability transformation, Proceedings of the National Academy of Sciences (2025). .
Journal information: Proceedings of the National Academy of Sciences
Provided by Aberystwyth University