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Ecological Economics: Principles And Applications Review

Unusual economic times call for unusual economics book reviews, right? To this end, I am writing a review of an economics textbook. Yes, a textbook, named Ecological Economics, Principles and Applications by Herman E. Daly and Joshua Farley. As society navigates through our global economic meltdown, I keep noticing that a lot of what I read in the media is fundamentally based on the assumption of an economic return to the good times. Maybe there will be more regulations; maybe GAAP rules will be stricter; maybe we'll have fewer or more or different automobile manufacturers. But surely we'll get back to good ol' growth of the economy (and how to do it forever), won't we? Far too few writers challenge our fundamental assumptions about the economy itself-- those same assumptions we used to dig ourselves into the present financial mess, not to mention the assumptions at the root of the ecological and human-rights crises that are now a daily fixture in the news. What if some of our assumptions about the fundamental purpose and functioning of the economy were wrong? Shouldn't we fix those old assumptions before we recreate the same "good times" that resulted in our present bad times? If the planet were unable to sustain our civilization unless we get the economy right this time, wouldn't we have an ethical duty to reconsider some of those assumptions?

Enter Ecological Economics. Ecological economics (EE), as a field of study, uses the best science available about how the universe behaves, in order to envision an economy that works within the constraints of nature. Three fundamental issues are the core of EE: optimal scale of the economy, just distribution of resources, and efficient allocation. Compare this to traditional, neo-classical economics, which focuses singularly on efficient allocation via market mechanisms.

EE breaks down traditional academic silos. If there were laws of physics which scientists believed to be true under all circumstances-- say, the laws of thermodynamics --then wouldn't you expect economists to avoid negating those laws in their model of the economy? And let's say social scientists found that people do not always make rational, self-motivated decisions to maximize their happiness. Wouldn't you want economists to not assume the opposite in their model of how markets operate? EE also rightfully recognizes the economy as a subsystem within the larger ecology of the earth. This ecology certainly provides for the economy, but it also does a lot of other neat stuff. Take, for example, regulating climate and providing clean air and fresh water, for which there are no manufactured substitutes. As it turns out, much of that "other neat stuff" is not historically encompassed by the economy, nor is it amenable to efficient allocation on a market.

Ecological Economics, as a book, does a fantastic job of outlining the principles of EE. It explains the failings of old economic assumptions, and lays out a different set of assumptions grounded in science or rooted in principles of justice. The book covers its subject with appropriate humility for a new social science, an uncommon virtue among economic pontificators. It doesn't claim to have the territory fully mapped, but it is exploring in the right direction. By this time you've gathered that the book is not fiction (we'll leave the fiction writing to neo-classical economists), but it is an enjoyable read. The easy, lucid writing style belies the authors' status as professors of economics. While the book might not be the optimal read for laying on the beach, it is fine for lay-people. The book is full of examples relating the material to the real world, and I find many of the concepts immediately relevant to how I perceive reality. The content is nicely structured so you can skip over anything that gets too dense for your taste. Finally, the book is an efficient read. It is chock full of economic principles which would have taken me years of fumbling self-study to pick up on my own. The high-level sections are: An Introduction to Ecological Economics; The Containing and Sustaining Ecosystem: The Whole; Microeconomics; Macroeconomics; International Trade; and Policy.

I have heard it said that not all of the book's assertions are grounded in science or research, which is criticism I assume the authors would strive to address in future editions. On the whole, however, I find the book to be well grounded. I'll take Daly & Farley any day, compared to neo-classical economists who accept as fact the words of an 18th century moral philosopher. I have also heard the critique that Ecological Economics doesn't adequately cover the fundamentals of economics, which means a "real" student of economics would have to go back to a traditional economics text to fill in the gaps. I would reframe this critique as a misguided assumption about what students of economics must learn first. What do you imagine would happen if all budding economists were first grounded in what science knows of ecology, before internalizing the historic account of economic thinking which has brought society to our present global economic break-down? One book does not an economist make. But if it did, this is the book I would recommend. For the rest of us, Ecological Economics is a clear, useful, and enjoyable guide to turning over those old assumptions about what the economy is for and how it works.

Ecological Economics: Principles And Applications Overview

Conventional economics is increasingly criticized for failing to reflect the value of clean air and water, species diversity, and social and generational equity. By excluding biophysical and social reality from its analyses and equations, conventional economics seems ill-suited to address problems in a world characterized by increasing human impacts and decreasing natural resources.

Ecological Economics is an introductory-level textbook for an emerging paradigm that addresses this fundamental flaw in conventional economics. The book defines a revolutionary "transdiscipline" that incorporates insights from the biological, physical, and social sciences, and it offers a pedagogically complete examination of this exciting new field. The book provides students with a foundation in traditional neoclassical economic thought, but places that foundation within a new interdisciplinary framework that embraces the linkages among economic growth, environmental degradation, and social inequity.

Introducing the three core issues that are the focus of the new transdiscipline -- scale, distribution, and efficiency -- the book is guided by the fundamental question, often assumed but rarely spoken in traditional texts: What is really important to us? After explaining the key roles played by the earth’s biotic and abiotic resources in sustaining life, the text is then organized around the main fields in traditional economics: microeconomics, macroeconomics, and international economics. The book also takes an additional step of considering the policy implications of this line of thinking.

Ecological Economics includes numerous features that make it accessible to a wide range of students:

more than thirty text boxes that highlight issues of special importance to students
lists of key terms that help students organize the main points in each chapter
concise definitions of new terms that are highlighted in the text for easy reference
study questions that encourage student exploration beyond the text
glossary and list of further readings

An accompanying workbook presents an innovative, applied problem-based learning approach to teaching economics.

While many books have been written on ecological economics, and several textbooks describe basic concepts of the field, this is the only stand-alone textbook that offers a complete explanation of both theory and practice. It will serve an important role in educating a new generation of economists and is an invaluable new text for undergraduate and graduate courses in ecological economics, environmental economics, development economics, human ecology, environmental studies, sustainability science, and community development."

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Customer Reviews

Should be required reading for all government officials. - systems student - California
I'm not really prone to hyperbole, but this may be the single most important book ever written. There could be another that is more complete, another that is more understandable, another that is more honest, and another that is more relevant and crucial for the policies that will determine what our world looks like in 100 years. However, you'd probably be very hard-pressed to find those qualities in such effective combination as here in "Ecological Economics".

This book can be understood to a large degree by someone with minimal training in economics or maybe even an intelligent person with none. There are some sections and some formulae that are difficult, but these are not really necessary to get the message. This book follows a logical plan and the authors show respect for their reader's intelligence by presenting a logical progression of theory. This book has a message but it is not preachy. The message simply arises from logic.

Actually, not only do I believe it should be required of government officials, but probably voters as well.

4.5 stars.Yes. Speculative bubbles inevitably lead to economic downturns - Michael Emmett Brady - Bellflower, California ,United States
The authors of this book demonstrate a deep understanding of the negative role and impact on econmic growth that results from speculation in national and international currencies,stocks,and other financial assets.This book is especially strong in chapters 13 and 14 where they discuss macroeconomics and the effects of worldwide speculative activity.The Nobel Prize winning chemist,Fredrick Soddy,whose 1930's book " Wealth,Virtual Wealth,and Debt ", demonstrated an excellent understanding of the dangers of speculative finance,is given his due along with Keynes(pp.256-257),who had always understood the severe negative impacts speculative finance can have on both economic growth and income distribution.

The intellectual rigor of the authors suffers on pp.224-225 when they discuss Adam Smith's Invisible Hand .It is simply not the case that Smith took the view(micro economic decision making in the aggregate always leads to an optimal macro economic outcome )foisted on him.Smith himself was well aware of the great dangers of speculation(see Smith's extensive discussions on pp.290-340 of the Wealth of Nations[1776,Modern Library(Cannan)edition] and the need to prevent it from occurring in the first place ,as well as the negative consequences of the Invisible Hand process that could only be overcome by government action(see pp.734-741 on the necessity for the government to provide universal education supplied for free for those unable to pay).

A serious intro to eco-economy - Vanessa LeLi - São Paulo, Brazil
Book recomendations, index, glossary, macroeconomics, microeconomics, a very didactic book made for anyone interested in the subject or people already familiar with economics. The first day I read 100 pages non-stop. Different from some other books on the theme, this is not a book to build anyones consciousness(and definitely not eco-economics for dummies)but a realistic transdisciplinary outlook on the subject.

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Saturday, September 4, 2010