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Chapter 3 Ends, Means, and Policy • 57BIG IDEAS to remember■■■■■Practical dualism versusmonismsPresuppositions of policyUltimate meansUltimate endInformation and knowledge■■■■■Determinism and materialismEnds-means spectrumEconomic imperialismEcological reductionismSteady-state subsystem
Conclusions to Part IIn Part I, we have defined economics as the science of the allocation ofscarce resources among alternative desirable ends. Ecological economicsdistinguishes itself from mainstream economics in its preanalytic vision ofthe economic system as a subsystem of the sustaining and containingglobal ecosystem. Economic growth is not an end in itself, continuousphysical economic growth is not possible, and eventually the costs imposedby growth on the sustaining system become greater than the benefitsof that growth. Economic systems change the environment, then adaptin response to those changes in a coevolutionary process. Economicgrowth has increased the scarcity of ecological goods and services relativeto manmade goods and services, and the economic system must adapt tothat fact. The way in which the economy evolves is not predetermined; itcan be influenced by policy in ways that are better or worse.In the ecological economy, there is an ultimate end, although it is hardto perceive and not universally agreed upon; the ultimate means is lowentropymatter-energy, and the market is a very useful but by no meanssufficient institution for allocating means to the service of ends. Althoughwe shrink from trying to define the ultimate end, as a basis for future discussionin this text we suggest a working definition of the penultimate endfor the ecological economy: the maintenance of ecological life-supportsystems far from the edge of collapse (which requires an end to materialgrowth of the economy) and healthy, satisfied human populations free towork together in the pursuit and clarification of a still vague ultimateend—for a long, long time.
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To Andrea and MarciaAnd to the next
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Ecological EconomicsPrinciples and
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x • ContentsExcludability and Riv
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xii • ContentsChapter 15 Money /
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xiv • ContentsChapter 24 Efficien
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A Note to InstructorsAtextbook is u
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IntroductionProbably the best intro
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Introduction • xxiIs McNeill corr
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Introduction • xxiiiplinary resea
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that feed the economic process and
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ciples of policy. Chapter 22 review
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CHAPTER1CHAPTERWhy Study Economics?
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Chapter 1 Why Study Economics? •
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Page 130 and 131: Box 6-2Minimum Viable Population, M
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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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