LIVELIHOODS, SUBSISTENCE AND VALUATION OF COMMONS
One of the major hurdles in understanding commons has been translating the usefulness of commons into economic value. Valuation of commons is an approach that is widely seen to be informing policy decisions regarding the commons. Valuation is not limited to products, stocks and resources, but may also extend to different processes (social, cultural, ecological, etc.) and their outcomes.
Under present conditions of increasing uncertainty and risk, strengthening strategies and institutions that contribute to ensuring the security of livelihoods are of critical importance. Commons are thus an important element for coping with variability especially for communities engaged in primary production and dependent on local resources, and contribute in securing livelihoods, including but not restricted to cash incomes. It is important to capture and understand these aspects of commoning that would otherwise go neglected.
