A collection of services provided by the Earth’s ecosystem that are usually not a part of economic analyses but that are indispensable for any human endeavors. These include: clean air and water, plant pollination, climate regulation, soil regeneration, ozone protection, shade and shelter, etc.
These services offer incalculable benefits to markets, economies, and societies but neoclassical economics do not account for these benefits (or the costs to replicate them through human means) in economic measures or calculations. Therefore, they go un-valued, creating false economic affects, known as externalities and lead to faulty economic planning and decisions. Some Ecological Economic theories, however, strive to correct these deficiencies for more sophisticated and sustainable economic planning.
More information: www.ecosystemservicesproject.org