One page written reflection on the concept of the substitutability of Research Paper - 1

One page written reflection on the concept of the substitutability of natural capital - Research Paper Example In this respect, natural capital plays an important role in the life and existence of every individual around the world. The continued use of natural capital brings into perspective the concepts of sustainability and substitutability (Markandya and Suzette 9). In essence, these concepts are critically intertwined. The substitutability of natural capital has a direct effect on the sustainability of resources in the environment. The idea of substitutability implies finding an alternative use in place of natural capital. Economists and environmentalists agree to disagree that human capital can substitute natural capital. While some hold the view of human capital replacing natural capital, others contend that the two can only work side by side as opposed to outright substitutability. As a result, the concept of substitutability is not only contentious but also diverse. On one hand, the substitutability of natural capital can be said to be weak. From this point of view, human capital could move in to replace natural capital that could otherwise be depleted from the environment. The idea is to minimize the use and exploitation of natural capital while maximizing the use of human capital (Hussen 144). In this view, human-driven activities take over the place of natural capital without generating catastrophic effects on the environment. For example, generating electricity from wind could ensure substitutability of natural capital through producing energy without harming the natural environment. Another key example is the use of solar panels as opposed to mining coal and oil, both of which are extremely hard to replace. On the other hand, it is difficult to achieve a balanced substitutability of natural capital. In many instances, both natural and human capitals work hand in hand. This means that it is difficult to achieve a one hundred