Ecological Economics

Despite its name, the field of ecological economics does more than combine “ecology” and “economics.” It is a transdisciplinary approach that draws from several fields, including both social sciences (e.g., economics, politics, sociology, ethics, and philosophy) and natural sciences (e.g., biology, physics, and mathematics), and it seeks to synthesize these perspectives to address issues of sustainability comprehensively. In contrast to the neoclassical thinking of an economy as a circular flow of exchange value without any direct link with the biophysical world, ecological economists consider the biophysical elements (energy and matter) as foundations of an economy. Recognizing the Earth's resources as finite and irreplaceable, ecological economists call for a combination of scientific and ethical considerations in human economic activities. Critical to ecological economics is its emphasis ...