Economists Owe Ecology an Apology
22 Pages Posted: 11 Mar 2013 Last revised: 10 Oct 2013
Date Written: August 1, 2013
This apology is neither a wholesale rejection of economic thought and perspective nor an admission of error in our understanding of ecological values or human impacts on the environment. Life is complex. It's an apology for the unintended damage that's resulted from misapplying economic ideas: GDP fails to include non-market costs and benefits; transaction-based models mischaracterize dynamic relationships; aggregate social efficiency overlooks distribution impacts; technological advances can have substantial, unmeasured environmental impacts.
Keywords: Ecology, mathematical economics, scientism, GDP
JEL Classification: A1, B41, C5, Q2
Suggested Citation: Suggested Citation