Questions about Ecological economics
Short answers, pulled from the story.
What is ecological economics and how does it differ from environmental economics?
Ecological economics treats the human economy as a subsystem embedded within Earth's larger ecosystem, emphasizing the preservation of natural capital and the limits of the natural world. Environmental economics, by contrast, applies mainstream economic analysis to environmental problems and generally accepts that human-made capital can substitute for natural capital. A survey of German economists found the two are distinct schools of thought, with ecological economists emphasizing strong sustainability.
Who founded ecological economics as a modern discipline?
Ecological economics was founded in the 1980s through the work of European and American academics. The first organized meeting took place in 1982 in Sweden, initiated by Lois Banner, and included Robert Costanza, Herman Daly, Charles Hall, Bruce Hannon, H.T. Odum, and David Pimentel. The International Society for Ecological Economics was established in 1989, with Robert Costanza as its first president.
What did Robert Costanza's 1997 valuation of global ecosystem services conclude?
Costanza and colleagues concluded that global ecosystem services were worth approximately $33 trillion in 1997 values, with estimates ranging from $16 trillion to $54 trillion. That year, total global GDP was $27 trillion. Half the estimated value was attributed to nutrient cycling, and the highest per-hectare values went to estuaries, swamps, floodplains, and seagrass beds.
What is the difference between strong and weak sustainability in ecological economics?
Weak sustainability, associated with economists like Robert Solow and Martin Weitzman, holds that human-made capital can in principle replace any natural resource through technology and innovation. Strong sustainability, championed by Nicholas Georgescu-Roegen and Herman Daly, argues that natural capital and ecological functions are irreplaceable and that their loss is often irreversible. The debate determines how economic policy should treat natural resources and ecological limits.
What role did Nicholas Georgescu-Roegen play in ecological economics?
Nicholas Georgescu-Roegen, a Romanian economist, provided ecological economics with its core conceptual framework through his 1971 book The Entropy Law and the Economic Process. The book applied the second law of thermodynamics to economic production, arguing that resource flows are one-directional rather than circular. Herman Daly, whom Georgescu-Roegen mentored at Vanderbilt University, credited this work as a fundamental text of the field.
What is degrowth economics and how does it relate to ecological economics?
Degrowth is a growing field within ecological economics that calls for an equitable reduction in both production and consumption to bring economic activity within biophysical limits. It addresses global inequality alongside ecological limits and rejects the premise of growth itself as an economic goal. It draws on Marxian economics and prioritizes grassroots initiatives; the Catalan Integral Cooperative and Italy's Solidarity Economy Networks are cited as examples of degrowth-aligned practice.