Concept

Ecological economics

Overview

Ecological economics, bioeconomics, ecolonomy, eco-economics, or ecol-econ is both a transdisciplinary and an interdisciplinary field of academic research addressing the interdependence and coevolution of human economies and natural ecosystems, both intertemporally and spatially. By treating the economy as a subsystem of Earth's larger ecosystem, and by emphasizing the preservation of natural capital, the field of ecological economics is differentiated from environmental economics, which is the mainstream economic analysis of the environment. One survey of German economists found that ecological and environmental economics are different schools of economic thought, with ecological economists emphasizing strong sustainability and rejecting the proposition that physical (human-made) capital can substitute for natural capital (see the section on weak versus strong sustainability below).

Ecological economics was founded in the 1980s as a modern discipline on the works of and interactions between various European and American academics (see the section on History and development below). The related field of green economics is in general a more politically applied form of the subject.

According to ecological economist Malte Michael Faber, ecological economics is defined by its focus on nature, justice, and time. Issues of intergenerational equity, irreversibility of environmental change, uncertainty of long-term outcomes, and sustainable development guide ecological economic analysis and valuation. Ecological economists have questioned fundamental mainstream economic approaches such as cost-benefit analysis, and the separability of economic values from scientific research, contending that economics is unavoidably normative, i.e. prescriptive, rather than positive or descriptive. Positional analysis, which attempts to incorporate time and justice issues, is proposed as an alternative. Ecological economics shares several of its perspectives with feminist economics, including the focus on sustainability, nature, justice and care values. Karl Marx also commented on relationship between capital and ecology, what is now known as ecosocialism.

Overview adapted from Wikipedia (CC BY-SA 4.0; see the article history for authors).

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Chapter I. Influence Of The Progress Of Industry And Population On Values And Prices. § 1. Tendency of the progress of society toward increased Command over the powers of Nature; increased Security, and increased Capacity of Co-Operation. In the leading countries of the world, and in all others as they come within the influence of those leading countries, there is at least one progressive movement which continues…
John Stuart Mill, Principles of Political Economy
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Yet those who know the habits of the continent of Europe are aware how apparently small a motive often outweighs the desire of money getting, even in the operations which have money getting for their direct object. The more highly the science of ethology is cultivated, and the better the diversities of individual and national character are understood, the smaller, probably, will the number of propositions become…
John Stuart Mill, A System of Logic, Ratiocinative and Inductive
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In the first place the domination of nature and the cultivation of private landed property do not imply the same thing. The domination of nature in industrial affairs is displayed in a manner altogether different from that in agricultural affairs, for these latter are always at the mercy of the climate instead of being supreme over the climate. In the second place if we limit ourselves to the exploitation of private…
Friedrich Engels, Landmarks of Scientific Socialism
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Philosophers who discussed Ecological economics

Nicholas Georgescu-Roegen

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