Abstract
This paper discusses the major tenets of ecological economics—including value pluralism, methodological pluralism and multi-criteria policy assessment. Ecological economics offers viable alternatives to the theoretical foundations and policy recommendations of neoclassical welfare economics. A revolution in neoclassical economics is currently taking place, and the core assumptions of welfare economics are being replaced with more realistic models of consumer and firm behaviour. This paper argues that these new theoretical and empirical findings are largely ignored in applied work and policy applications in environmental economics. As the only heterodox school of economics focusing on the human economy both as a social system and as one imbedded in the biophysical universe, and thus both holistic and scientifically based, ecological economics is poised to play a leading role in recasting the scope and method of economic science.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
