What Is Ecological
Why is an ecological economy better than a neoclassical economy?
What are the benefits of an ecological economy? What are the cons of a neoclassical economy?
Neoclassical economics provides a highly simplified model which generally fails to account for externalities. While this may be sufficient for some theoretical uses, if the model is applied pragmatically or assumed to provide a reasonable approximation of the real word, it will yield irrational results. Ecological Economics attempts to address the problems inherent in neoclassical economics by providing a more robust model based on a trandisciplinary approach.
Wikipedia currently provides a good brief summary of ecological economics, as opposed to mainstream (by which I presume the author means neoclassical) economics:
“In ecological economics, natural capital is added to the typical capital asset analysis of land, labor, and financial capital. Ecological economics uses tools from mathematical economics, but may apply them more closely to the natural world. Whereas mainstream economists tend to be technological optimists, ecological economists are inclined to be technological pessimists. They reason that the natural world has a limited carrying capacity and that its resources may run out. Since destruction of important environmental resources could be practically irreversible and catastrophic, ecological economists are inclined to justify cautionary measures based on the precautionary principle.”
Lord Robert May, What does the future hold? Fri 10 July
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An Inconvenient Truth $5.25 The history and perils of global climate change are explored in this popular and controversial Oscar-winning documentary featuring former vice president Al Gore. Taking his environmental science presentation on the road, Gore argues–with both alarming statistics and disarming humor–that just as the deleterious effects of global warming come from human activities, so too must the solutions to the… |
This entry was posted on Saturday, February 18th, 2012 at 10:37 am and is filed under ecology. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.