488 pages, 229 x 178 mm
Island Press, USA
In its first edition, this book helped to define the emerging field of ecological economics. This new edition surveys the field today. It incorporates all of the latest research findings and grounds economic inquiry in a more robust understanding of human needs and behaviour. Humans and ecological systems, it argues, are inextricably bound together in complex and long-misunderstood ways.
According to ecological economists, conventional economics does not reflect adequately the value of essential factors like clean air and water, species diversity and social and generational equity. By excluding biophysical and social systems from their analyses, many conventional economists have overlooked problems of the increasing scale of human impacts and the inequitable distribution of resources.
This introductory-level textbook is designed specifically to address this significant flaw in economic thought. The book describes a relatively new ‘transdiscipline’ that incorporates insights from the biological, physical and social sciences. It provides students with a foundation in traditional neoclassical economic thought, but places that foundation within an interdisciplinary framework that embraces the linkages among economic growth, environmental degradation and social inequity. In doing so, it presents a revolutionary way of viewing the world.
The second edition of Ecological Economics provides a clear, readable and easy-to-understand overview of a field of study that continues to grow in importance. It remains the only stand-alone textbook that offers a complete explanation of theory and practice in the discipline.
PART I - An Introduction to Ecological Economics
Chapter 1 Why Study Economics?
Chapter 2 The Fundamental Vision
Chapter 3 Ends, Means, and Policy
PART II - The Containing and Sustaining
Ecosystem: The Whole
Chapter 4 The Nature of Resources and the Resources of Nature
Chapter 5 Abiotic Resources
Chapter 6 Biotic Resources
Chapter 7 From Empty World to Full World
PART III - Microeconomics
Chapter 8 The Basic Market Equation
Chapter 9 Supply and Demand
Chapter 10 Market Failures
Chapter 11 Market Failures and Abiotic Resources
Chapter 12 Market Failures and Biotic Resources
PART IV - Macroeconomics
Chapter 13 Macroeconomic Concepts: GNP and Welfare
Chapter 14 Money
Chapter 15 Distribution
Chapter 16 The IS-LM Model
Chapter 17 International Trade
Chapter 18 Globalization
Chapter 19 International Flows and Macroeconomic Policy
PART VI - Policy
Chapter 20 General Policy Design Principles
Chapter 21 Sustainable Scale
Chapter 22 Just Distribution
Chapter 23 Efficient Allocation
Herman E. Daly is professor at the University of Maryland, School of Public Affairs. He is a cofounder of Ecological Economics, the leading journal in the discipline, and recipient of the Right Livelihood Award, also known as the ‘alternative Nobel Prize.’
Joshua Farley is a professor of community development and applied economics and assistant research professor at the Gund Institute for Ecological Economics at the University of Vermont.