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To Andrea and MarciaAnd to the next generation, especially Liam, Yasmin, Anna, Will, and Isabel“The human mind, so frail, so perishable, so full of inexhaustible dreams and hungers,burns by the power of a leaf.”—Loren Eisley
Copyright © 2004 and 2011 Herman E. Daly and Joshua FarleyAll rights reserved under International and Pan-American Copyright Conventions.No part of this book may be reproduced in any form or by any means without permissionin writing from the publisher: Island Press, Suite 300, 1718 ConnecticutAve., NW, Washington, DC 20009.Library of Congress Cataloging-in-Publication Data.Daly, Herman E.Ecological economics : principles and applications / Herman E. Daly andJoshua Farley. — 2nd ed.p. cm.Includes bibliographical references and index.ISBN-13: 978-1-59726-681-9 (cloth : alk. paper)ISBN-10: 1-59726-681-7 (cloth : alk. paper)1. Environmental economics. I. Farley, Joshua C., 1963– II. Title.HD75.6.E348 2010333.7—dc222010012739British Cataloguing-in-Publication Data available.Design by Mary McKeonPrinted on recycled, acid-free paperManufactured in the United States of America10 9 8 7 6 5 4 3 2 1
Page 8: Ecological EconomicsPrinciples and
Page 11 and 12: x • ContentsExcludability and Riv
Page 13 and 14: xii • ContentsChapter 15 Money /
Page 15 and 16: xiv • ContentsChapter 24 Efficien
Page 18 and 19: A Note to InstructorsAtextbook is u
Page 20 and 21: IntroductionProbably the best intro
Page 22 and 23: Introduction • xxiIs McNeill corr
Page 24 and 25: Introduction • xxiiiplinary resea
Page 26 and 27: that feed the economic process and
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Page 32 and 33: CHAPTER1CHAPTERWhy Study Economics?
Page 34 and 35: Chapter 1 Why Study Economics? •
Page 40 and 41: cate as local resources ran out. Pe
Page 42 and 43: concern with scale involves a conce
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24 • An Introduction to Ecologica
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system generate wastes? Does the sy
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Chapter 2 The Fundamental Vision
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natural capacities was also an inde
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increasing demand for carrying capa
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Mill thought we would pay more atte
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Conclusions to Part IIn Part I, we
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CHAPTER4The Nature of Resourcesand
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Chapter 4 The Nature of Resources a
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■ Excludability and RivalnessChap
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CHAPTER5Abiotic ResourcesIn this ch
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cluding those of exploration, machi
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source. Therefore, as we continue t
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ergy needs, much of which is used t
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Chapter 5 Abiotic Resources • 85F
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ut can be extracted at virtually an
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from the same land in an appreciabl
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owner captures, there is no less le
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CHAPTER6Biotic ResourcesBiotic reso
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Box 6-1Risk, Uncertainty, and Ignor
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Amazon, Indonesia and Mexico), and
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Chapter 6 Biotic Resources • 99Fi
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Box 6-2Minimum Viable Population, M
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Chapter 6 Biotic Resources • 103B
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■ Table 6.1EXAMPLES OF SERVICES P
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when combined together generate eco
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to assimilate the waste you dump in
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CHAPTER7From Empty Worldto Full Wor
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sustaining system. What follows is
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Chapter 7 From Empty World to Full
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years, and it continues to climb. H
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Chapter 7 From Empty World to Full
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Conclusions to Part IIIn Part II we
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CHAPTER8The Basic Market EquationTh
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Here are the three principles:Law o
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those profits are greater than the
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Px/Py = MPPay/MPPaxThis is the righ
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Chapter 8 The Basic Market Equation
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possibility conditions (ratios of M
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148 • MicroeconomicsPS2S1P 2P1P32
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150 • MicroeconomicsFigure 9.3
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152 • MicroeconomicsRent (also kn
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156 • Microeconomicsprice by stay
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158 • Microeconomicswhile these a
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160 • Microeconomicsanalysis righ
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164 • Microeconomicsimportance of
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166 • Microeconomicssomeone, it w
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168 • MicroeconomicsTHINK ABOUT I
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Box 10-1The Atlantic Cod Fishery:A
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172 • MicroeconomicsMany economis
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Box 10-2The Linux Operating System
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176 • Microeconomicsogy advanced
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178 • Microeconomicsto pay the co
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180 • Microeconomicsof course, wo
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182 • Microeconomicsof any cures
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184 • Microeconomicsover the prod
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188 • Microeconomicsnumber of peo
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190 • Microeconomicsduction to he
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192 • MicroeconomicsBIG IDEAS to
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198 • Microeconomicsmarkets in ge
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200 • Microeconomicson intragener
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202 • MicroeconomicsDo Prices Ref
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204 • MicroeconomicsThis result i
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206 • Microeconomicsties, such as
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208 • Microeconomicsaction subseq
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CHAPTER12Market Failures andBiotic
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Chapter 12 Market Failures and Biot
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Figure 12.3 • Sustainable harvest
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ever, we lose not only the opportun
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of aggregate economic production of
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a public bad, which is something th
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234 • Macroeconomicsothers experi
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236 • MacroeconomicsEconomists of
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238 • Macroeconomicswhole (see Fi
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240 • Macroeconomicsimportant tha
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242 • MacroeconomicsFigure 13.2
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244 • Macroeconomicsbehavior abou
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246 • Macroeconomicsdefectors, wh
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248 • Macroeconomicsstrategies ah
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250 • Macroeconomicscepted wisdom
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252 • MacroeconomicsThis suggests
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254 • Macroeconomicsinducing coop
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256 • MacroeconomicsUltimately, t
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258 • MacroeconomicsConclusions t
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CHAPTER14Macroeconomic Concepts:GNP
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Chapter 14 Macroeconomic Concepts:
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■ Table 14.1MAX-NEEF’S MATRIX O
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CHAPTER15MoneyMoney ranks with the
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Chapter 15 Money • 287limit to th
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Chapter 15 Money • 289of real ass
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Chapter 15 Money • 291deemable in
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Chapter 15 Money • 293Now let’s
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Chapter 15 Money • 295is a coordi
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Chapter 15 Money • 297of the prod
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Chapter 15 Money • 299BIG IDEAS t
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302 • Macroeconomicshas tended to
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304 • MacroeconomicsIf we admit i
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308 • MacroeconomicsThe Gini coef
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310 • MacroeconomicsBox 16-2Distr
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312 • Macroeconomicsfrequent expe
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314 • Macroeconomicsmight be dete
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316 • Macroeconomicsto deal with
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318 • Macroeconomicscosts, such a
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320 • Macroeconomicsbecome availa
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322 • Macroeconomicssectors than
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326 • Macroeconomicswill correspo
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328 • Macroeconomicsbut today we
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332 • Macroeconomicscan weaken or
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334 • Macroeconomicstary authorit
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336 • Macroeconomicsagement. Frac
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338 • Macroeconomicseconomy? The
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340 • MacroeconomicsUnemploymentI
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342 • Macroeconomicsin material t
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344 • Macroeconomicslarger the im
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346 • Macroeconomicsof the multip
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348 • Macroeconomicsterms implied
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350 • Macroeconomicssource exhaus
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PART VInternational Trade
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356 • International tradeA countr
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358 • International tradeis bette
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360 • International trade■ Capi
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362 • International tradetage see
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364 • International tradebreak so
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366 • International tradeicy of g
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CHAPTER19GlobalizationWhy are so ma
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Ironically, the U.S. assistant atto
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has foundered so much since the 197
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Chapter 19 Globalization • 375not
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Chapter 19 Globalization • 377Box
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costs of economic growth. In recent
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■ Just DistributionFinally, we tu
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economies have liberalized. While C
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Yet on closer examination, the hist
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chase that food. If agricultural ma
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CHAPTER20Financial GlobalizationLib
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ance (capital plus current account)
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affect the exchange rate under a fl
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feedback loop. If returns on assets
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4. The sub-prime mortgage crisis st
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loans. As long as the securities co
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■ Ecological Economic Explanation
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lars available for repayment, incre
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■ What Should Be Done About Globa
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onds, which must be repaid with int
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Conclusions to Part VGlobalization
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CHAPTER21General PolicyDesign Princ
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can tax energy for the sake of effi
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this feedback, and real-life outcom
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Economists sometimes argue that sca
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Chapter 21 General Policy Design Pr
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pendently the rate of extraction of
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tus quo, claiming that privilege as
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CHAPTER22Sustainable ScaleEnvironme
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ter 21, that policies should sacrif
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This means that there is always an
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■ Cap and TradeTradeable permits
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Chapter 22 Sustainable Scale • 43
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In 1990, when Canada modified its s
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■ Policy in PracticeWe see, then,
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CHAPTER23Just DistributionThe distr
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Chapter 23 Just Distribution • 44
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and other billionaires be so wealth
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come. This involves other, less con
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ers are also concerned about how ot
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Distributing the Returns to Natural
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work. All the returns from the sale
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Chapter 23 Just Distribution • 45
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CHAPTER24Efficient AllocationAlloca
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Box 24-1Pricing Nature and LifeIn r
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Chapter 24 Efficient Allocation •
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tionist approach of assuming that t
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$652 billion per year that preferen
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for the government to simply supply
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Chapter 24 Efficient Allocation •
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not be worth the investment of the
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all subsidies, but there still woul
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source. Alternatively, lowering the
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Looking AheadTis book has focused o
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of places in the sun between humans
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482 • GlossaryMonetary Fund) and
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484 • GlossaryEconomic imperialis
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486 • GlossaryGini coefficient A
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488 • GlossaryLiquidity preferenc
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490 • GlossaryNormal profit The o
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492 • GlossarySecond Law of Therm
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494 • GlossaryUtility function A
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496 • Suggested ReadingsHokikian,
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498 • Suggested ReadingsDaly, Her
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500 • About the Authorsplied prob
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502 • IndexClausius, Rudolf, 65Cl
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504 • Indextion of the financial
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506 • Index127; in ecological eco
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508 • Indexstock-flow, 97-98; nat
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