Ecological Economics Principles and Applications

ISBN-10: 1559633123
ISBN-13: 9781559633123
Edition: 2003
List price: $80.00
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Description: Conventional economics is often criticized for failing to reflect adequately the value of clean air and water, species diversity, and social and generational equity. By excluding biophysical and social systems from their analyses, many conventional  More...

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Book details

List price: $80.00
Copyright year: 2003
Publisher: 3Island Press
Publication date: 11/1/2003
Binding: Hardcover
Pages: 488
Size: 7.00" wide x 9.25" long x 1.50" tall
Weight: 2.244
Language: English

Conventional economics is often criticized for failing to reflect adequately the value of clean air and water, species diversity, and social and generational equity. By excluding biophysical and social systems from their analyses, many conventional economists overlook problems of the increasing scale of human impacts and the inequitable distribution of resources. Ecological Economics is an introductory-level textbook for an emerging paradigm that addresses this flaw in much economic thought. 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 Economicsincludes 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 readingsAn 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.

Acknowledgments
A Note to Instructors
Introduction
An Introduction to Ecological Economics
Why Study Economics?
What Is Economics?
The Purpose of This Textbook
Coevolutionary Economics
The Era of Ecological Constraints
Big Ideas to Remember
The Fundamental Vision
The Whole and the Part
Optimal Scale
Diminishing Marginal Returns and Uneconomic Growth
A Paradigm Shift
Say's Law: Supply Creates Its Own Demand
Leakages and Injections
Linear Throughput and Thermodynamics
Big Ideas to Remember
Ends, Means, and Policy
Ends and Means--A Practical Dualism
The Presuppositions of Policy
Determinism and Relativism
The Ends-Means Spectrum
Three Strategies for Integrating Ecology and Economics
Big Ideas to Remember
Conclusions to Part I
The Containing and Sustaining Ecosystem: the Whole
The Nature of Resources and the Resources of Nature
A Finite Planet
The Laws of Thermodynamics
Stock-Flow Resources and Fund-Service Resources
Excludability and Rivalness
Goods and Services Provided by the Sustaining System
Big Ideas to Remember
Abiotic Resources
Fossil Fuels
Mineral Resources
Water
Ricardian Land
Solar Energy
Summary Points
Big Ideas to Remember
Biotic Resources
Ecosystem Structure and Function
Renewable Resources
Ecosystem Services
Waste Absorption Capacity
Big Ideas to Remember
From Empty World to Full World
Fossil Fuels
Mineral Resources
Water
Renewable Resources
Waste Absorption Capacity
Big Ideas to Remember
Conclusions to Part II
Microeconomics
The Basic Market Equation
Components of the Equation
What Does the Market Equation Mean?
Monopoly and the Basic Market Equation
Non-Price Adjustments
Supply and Demand
Big Ideas to Remember
Supply and Demand
A Shift in the Curve Versus Movement Along the Curve
Equilibrium P and Q, Shortage and Surplus
Elasticity of Demand and Supply
The Production Function
The Utility Function
Big Ideas to Remember
Market Failures
Characteristics of Market Goods
Rivalness
Open Access Regimes
Excludable and Nonrival Goods
Pure Public Goods
Externalities
Missing Markets
Summary Points
Big Ideas to Remember
Market Failures and Abiotic Resources
Fossil Fuels
Mineral Resources
Freshwater
Ricardian Land
Solar Energy
Big Ideas to Remember
Market Failures and Biotic Resources
Renewable Resource Stocks and Flows
Renewable Resource Funds and Services
Waste Absorption Capacity
Biotic and Abiotic Resources: The Whole System
Big Ideas to Remember
Conclusions to Part III
Macroeconomics
Macroeconomic Concepts: GNP and Welfare
A Troubled Marriage
Gross National Product
Sustainable Income
Alternative Measures of Welfare: MEW and ISEW
Beyond Consumption-Based Indicators of Welfare
Big Ideas to Remember
Money
Virtual Wealth
Seigniorage
The Fractional Reserve System
Money as a Public Good
Money and Thermodynamics
Big Ideas to Remember
Distribution
Pareto Optimality
The Distribution of Income and Wealth
The Functional and Personal Distribution of Income
Measuring Distribution
Consequences of Distribution for Community and Health
Intertemporal Distribution of Wealth
Big Ideas to Remember
The IS-LM Model
IS: The Real Sector
LM: The Monetary Sector
Combining IS and LM
Exogenous Changes in IS and LM
IS-LM and Monetary and Fiscal Policy
IS-LM in the Real World
Adapting IS-LM to Ecological Economics
Big Ideas to Remember
Conclusions to Part IV
International Trade
International Trade
The Classical Theory: Comparative Advantage
Kinks in the Theory
Capital Mobility and Comparative Advantage
Absolute Advantage
Globalization vs. Internationalization
The Bretton Woods Institutions
The World Trade Organization
Summary Points
Big Ideas to Remember
Globalization
Efficient Allocation
Sustainable Scale
Just Distribution
Summary Points
Big Ideas to Remember
International Flows and Macroeconomic Policy
Balance of Payments
Exchange Rate Regimes
Capital Mobility and National Policy Levers
Economic Stability
Big Ideas to Remember
Conclusions to Part V
Policy
General Policy Design Principles
The Six Design Principles
Which Policy Comes First?
Controlling Throughput
Price vs. Quantity as the Policy Variable
Source vs. Sink
Policy and Property Rights
Big Ideas to Remember
Sustainable Scale
Direct Regulation
Pigouvian Taxes
Pigouvian Subsidies
Tradeable Permits
Policy in Practice
Big Ideas to Remember
Just Distribution
Caps on Income and Wealth
Minimum Income
Distributing Returns from the Factors of Production
Additional Policies
Big Ideas to Remember
Efficient Allocation
Pricing and Valuing Nonmarket Goods and Services
Macro-Allocation
Spatial Aspects of Nonmarket Goods
Redefining Efficiency
Big Ideas to Remember
Looking Ahead
Glossary
Suggested Readings
About the Authors
Index

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