Ecological Economics: Principles And Applications: Herman E. Daly, Joshua Farley

Description

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 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."

Summary: Should be required reading for all government officials.
Rating: 5
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.

Summary: 4.5 stars.Yes. Speculative bubbles inevitably lead to economic downturns
Rating: 5
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).

Summary: A serious intro to eco-economy
Rating: 5
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.

Summary: best textbook ever
Rating: 5
And I'm not just saying that because I like ecological economics. Before this I used to hate even the idea of textbooks...mostly the fault of high school I guess, but also many college courses. In fact that is the reason why I hesitated to buy this book, but I'm glad I did. This is the only textbook I have been able to read straight through (though slowly and critically) and maintain my focus, interest, and energy. It's very well written and organized, and it's honest and upfront, highlighting debates and differences in opinions, as well as their implications. It is even entertaining on a fairly regular basis.
No prior knowledge of economics or natural sciences is necessary, though of course having some helps to make it an easier read. The 2nd edition should take care of some of the minor typos and other editing mistakes. I have seen no serious flaws in the book.
If you
1) Have an open mind
2) Respect solid, provocative arguments that challenge the status-quo
3) Are interested in the nature of the relationship between humans and our environment, economics, ecology, sustainability, social justice, or democracy
4) Have tried a standard econ. course and was frustrated by the hordes of inane and offensive or otherwise false assumptions, contradictions and overall lack of scholarly rigor
You will probably enjoy this book.
I also suggest getting the companion workbook, especially if you are
1) A student (of any age, shape or form)
2) Interested particularly in the fields of environmental policy/management, economics, or ecological economics or
3) Interested in the education system and education reform.
It has valuable supplemental information as well as suggestions on how to advance your knowledge and possibly put you into a career path. The pedagogical philosophy espoused in the book is great from my perspective--a student frustrated with the hypocrisies and contradictions of academia and our current education system. Farley makes it clear that fundamental education reform is necessary in order to advance democracy and for us to continue to develop into our greatest human potentials.

Summary: Great book
Rating: 5
Bring ecological economics to every day life will be the greatest defy of this century. The autor writes brillantly how we can, now, change our economic view and achieve sustainable development. Every student must read this book...

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