Ecological Economics, Second Edition: Principles and Applications

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Daly, H. (1994). Steady State Economics. In C. Merchant (Ed.), Key Concepts in Critical Theory: Ecology. Amherst and New York: Humanity Books. Costanza, R., Cumberland, J. H., Daly, H., Goodland, R., Norgaard, R., Kubiszewski, I., et al. (2015 [1997]). An Introduction to Ecological Economics (2nd ed.). Boca Raton, FL: CRC Press. Oceans cover approximately 71 percent of the Earth’s surface and hold about 97 percent of the Earth’s water. They are essential for regulating the planetary system by driving the climate and weather systems and by influencing the global carbon cycle. Oceans capture and store 54 times more carbon dioxide than the atmosphere, absorbing more than a quarter of the carbon dioxide humans emit, 9 thus being our best ally in fighting climate change. They also provide ecological services like coastal protection, nutrient cycling, and degradation of organic wastes (toxin neutralization). Oceans supply numerous biotic and abiotic resources from fish and marine biotechnology to minerals, oil and gas, and renewable energy. It is assessed that the global capacity of wave and tidal energy systems could exceed that of about 120 nuclear reactors, as 80 percent of the potential kinetic energy from waves can be converted into electricity. 10 Oceans also provide social and economic goods and services like tourism, recreation, and marine transportation for both goods and people. Thousands of ships are crossing the ocean daily carrying 90 percent of all internationally traded goods, according to the International Maritime Organization. In the Netherlands, where already floating houses exist, an aquatic architecture firm DeltaSync is working to design and develop the first self-sufficient floating city in the world. What is the optimal scale of economic and social activities that can take place in the ocean? Bromley, D. (Ed.). (1992). Making the Commons Work: Theory, Practice, and Policy. San Francisco: ICS Press.

See also Victor & Rosenbluth, ‘Managing without growth’ (2007) 61:2-3 Ecological Economics 492-504; Victor, ‘Growth, degrowth and climate change: A scenario analysis’ (2012) 84 Ecological Economics 206-212.Polanyi, K., Arensberg, K., & Pearson, H. (1957). Trade and Market in the Early Empires. New York: Free Press. An economic theory of the sustainable economy must integrate production, consumption, work, finance, energy and policy, to name but a few characteristics. Diesendorf, ‘Principles of ecological sustainability’ in M Diesendorf & C Hamilton (eds), Human Ecology Human Economy: Ideas for an ecologically sustainable future (Sydney: Allen & Unwin, 1997) 64-97. Daly & Farley, Ecological Economics: Principles and applications (Washington DC: Island Press, 2nd Ed., 2011)

Although environmental economics made some people, especially economists, more aware of the importance of the environment, it retains the limitation inherent to neoclassical economics: it is tied to using markets to handle ‘externalities’ such as environmental pollution (Jacobs 1991). [3] Hall, C. A. S., & Klitgaard, K. (2012). Energy and the Wealth of Nations: An Introduction to Biophysical Economics. Cham, Switzerland: Springer and Springer Nature. This simple picture is instructive. In the past, the fish catch was limited by the number of fishing boats and fishermen. Now, it is limited by the number of fish and their capacity to reproduce. More fishing boats will not result in more caught fish. The limiting factor is no longer the manmade capital of boats, but the remaining natural capital of fish populations and their aquatic habitat. Exner, A. (2014). Degrowth and Demonetization: On the Limits of a Non-Capitalist Market Economy. Capitalism Nature Socialism, 3, 9–27.Ecological economics should seek to develop the steady-state vision and get beyond the dead ends of both economic imperialism and ecological reductionism. Ten policies for moving toward a steady-state economy appear below. Many could be adopted independently and gradually, although they cohere in the sense that some compensate for the shortcomings of others. Of course, the question of the desired level of steady-state economy is crucial, and local, regional, and global ecological limits must be considered in fashioning effective policies. Mayumi, K. (2001). The Origins of Ecological Economics: The Bioeconomics of Georgescu-Roegen. New York and London: Routledge. Ehrlich, P. (2008). Key issues for attention from ecological economists. Environment and Development Economics, 13, 1–20.

DesJardins, J. R. (2013). Environmental Ethics: An Introduction to Environmental Philosophy. (5. Edition). Boston et al.: Wadsworth: Cengage Learning. The pros: I really liked how Daly took you through the classical approach and adapted it to fit within ecological constraints. The premises were explained well however I had read better and more in depth information in many other places about sustainability theory - which did not necessarily detract from the book. It was also great to see some broad policy options to solve the issues with classical economic theory on sustainability. The dark base of the pyramid represents the relatively solid and consensual knowledge of various sources of low-entropy matter-energy. The light apex of the pyramid represents the fact that our knowledge of the Ultimate End is uncertain and not nearly as consensual as physics. The single apex will annoy pluralists who think that there are many “ultimate ends.” Grammatically and logically, however, “ultimate” requires the singular. Yet there is certainly room for more than one perception of the nature of the singular Ultimate End, and much need for tolerance and patience in reasoning together about it. The cat lovers in your life will lose themselves in An Indomitable Beast, an illuminating story about the journey of the jaguar. This is the perfect book for any of your feline loving friends, whether they want to pursue adventure with the big cats of the wild, or stay home with a book and cup of tea.Also consider: The Forgotten Foundersby Stewart Udall, Aldo Leopold's Odyssey, Tenth Anniversary Editionby Julianne Lutz Warren environmental governance, policy instruments). The chapters are exemplary for the development of the transdisciplinary field, but the history and current scholarship in ecological economics is not systematically reviewed. Herman Daly is an American ecological economist and professor at the School of Public Policy of University of Maryland, College Park in the United States. He was Senior Economist in the Environment Department of the World Bank, where he helped to develop policy guidelines related to sustainable development. While there, he was engaged in environmental operations work in Latin America. He is closely associated with theories of a Steady state economy. McCay, B. J., & Acheson, J. M. (Eds.). (1987). The Question of the Commons: The Culture and Ecology of Communal Resources. Tucson: University of Arizona Press.