While the concept of value is capable of a wide variety of interpretations, here I explore the application of mainstream economic concepts to ecosystem values. A framework for benefit-cost analysis (BCA) is presented and total economic value (TEV) is defined. Certain components of TEV–addressing expected future use, options for future use, and existence–are defined. Some conceptual and empirical difficulties are encountered when one attempts to arrive at TEV by adding up its various components. One empirical approach worthy of consideration is the direct estimation of TEV via contingent valuation methods. What role should TEV play in decisions about natural resources and the environment? I argue that the mainstream economic concept of value is derived from, and entirely consistent with, one particular approach to political philosophy. Thus, it is a complete (in concept, if not always in empirical practice) and coherent framework for public decisions. It is, nevertheless, highly contentious in this role, since many of its underlying value propositions, once they are made explicit, are far from universally acceptable. Existing laws and institutions recognize this, and limit the public role of BCA. I argue that BCA is best treated as an information system useful, but not necessarily decisive, in a diffuse and participatory policy decision process.