Ecological Economics Vs. Neoclassical Welfare Economics Essay

Ecological Economics vs Neoclassical Welfare Economics In the past, the economic school of thought regarded the resources as unlimited and focused on more production under the light of the unlimited growth assumption. Every economic action was suggested to only consider about making more profit. While the economy and the human population are growing; more natural resources are used and more pollution is observed. Human become to deal with the results of its production such as environmental problems and resource scarcity. A debate has emerged in economics and the mainstream economics is brought into question since its unlimited growth assumption is collapsed. Ecological economists argue the neoclassical welfare economics for ignoring the environmental and ethic values by only focusing on the cost-benefit analysis. It also claims that the neoclassical economics fails to calculate the value of the environmental capital and the loss of the economic activities on the environment. This paper is going to explain the problems with the neoclassic al welfare economics and the alternatives offered by the ecological economics in terms of economic growth and environment. The neoclassical welfare economics explains the economic production and behavior by using the mainstream terms of economic literature. Specifically, it focuses on the Pareto efficiency and suggests two theorems related to it. Firstly, the Pareto efficiency is stated by maximization of preferences under a restrictedShow MoreRelatedEcological Economics Vs. Welfare Economics Essay2086 Words   |  9 PagesEcological Economics vs Neoclassicial Welfare Economics In the past, economic school of thought regarded the resources as unlimited and focused on more production under the light of the unlimited growth assumption. Every economic action was suggested to only consider about making more profit. While the economy and the human population are growing; more natural resources are used and more pollution is observed. Human become to deal with the results of its production such as enviromental problems andRead MoreEconomic Sustainability And Economic Development1913 Words   |  8 Pageson numerous connotations. Ecological sustainability refers to the robustness of our ecosystems and the ability to maintain or enhance our planet’s unique biodiversity. Economic sustainability is defined by Cato as continued economic development while not degrading our planet’s ecology (Cato, 2011), however not all definitions accord such a large role to the ecological state of our planet. A neoclassical economist would define economic sustainability as continued economic development, or the abilityRead MoreThe Impact of Agricultural Sector on Economic Growth in Nigeria18675 Words   |  75 PagesAgricultural Economics of Nigeria: Paradoxes and Crossroads of Multimodal Nature Professor Eric C. Eboh Professor of Agricultural Economics University of Nigeria CONTENTS 1.0 ACKNOWLEDGEMENT 2 2.0 CONCEPTUAL APPROACH OF THIS INAUGURAL LECTURE 6 REFLECTIONS ON THE STRATEGIC ROLE OF AGRICULTURAL ECONOMY 8 3.0 4.0 5.0 AGRICULTURE FROM THE LOOKING GLASS OF MAN’S ECONOMIC HISTORY 16 AGRICULTURAL ECONOMY FROM PARADIGMATIC VIEWPOINTS ABOUT THE STATE VIS-A-VIS MARKET 21 6.0 NIGERIAN AGRICULTURERead MoreMarketing Literature Review11908 Words   |  48 Pagesdatabase or about obtaining photocopies of the articles abstracted here, please call (800) 626-2823 or write to UMI, 300 N. Zeeb Rd., Ann Arbor, MI 48106. SUBJECT HEADINGS 1. THE 1.1 1.2 1.3 MARKETING ENVIRONMENT Consumer Behavior Legal, Political, and Economic Issues Ethics and Social Responsibility MYRON LEONARD, Editor Western Carolina University 1. THE MARKETING ENVIRONMENT 1.1 Consumer Behavior See also 28, 60, 61, 62, 86, 89, 99, 103, 111, 112, 116, 120, 123, 125, 126, 151, 158, 163, 164, 171Read MoreContemporary Issues in Management Accounting211377 Words   |  846 Pagesilluminate practice and to provide ways of improving it. Although always appealing to his economic understandings, he has been open to a wide variety of other ideas, recognizing their intellectual strengths and capabilities rather than making artificial distinctions between what is acceptable and what is not. He also has contributed widely to the accounting literature, taking forward the British tradition of economic theorizing in financial accounting as well as being a constant source of creative thinking