Ecological economics: From humanity’s current dilemma to policies for a steady state economy

Students entering a foundation course in economics are often told, 'economics is the study of choice; of decisions on the allocation of scarce resources between competing needs'.Ecological economics extends this definition to include choices made across time and between generations.In doing so it debates competing views of technological advances, questioning the security they can offer, and interrogates the natures of welfare, growth, development and the measurement of them.It is in the growth/development debate that ecological economics deviates furthest from the common conventions of environmental economics.Where modern economics still assumes a frontier economy, with boundless opportunities for growth, the ecological economist sees a world that is already nearly full.

Abstract licence: CC BY

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