ECOLOGICAL ECONOMICS Meaning and
Definition
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Ecological economics is an interdisciplinary field that combines principles of both economics and ecology to understand the interactions between human economies and the natural environment. It recognizes that the economy and the environment are interconnected and mutually dependent, and seeks to address the limitations of conventional economic approaches that often neglect ecological concerns.
In ecological economics, the focus is on the sustainable use and management of natural resources, as well as the conservation of biodiversity and ecosystem services. It places emphasis on the long-term well-being of both human societies and the ecosystems they depend on. This field aims to develop economic models and policies that account for the complex dynamics of natural systems, the finite nature of resources, and the ecological limits to growth.
Ecological economics also considers the social dimensions of sustainability and recognizes the importance of equity and justice in economic decision-making. It acknowledges the unequal distribution of environmental costs and benefits, and aims to promote a more equitable distribution of resources and opportunities.
Furthermore, ecological economics promotes a holistic approach, using interdisciplinary methods and concepts from various fields such as ecology, economics, biology, sociology, and political science. It encourages collaboration and dialogue among diverse stakeholders, including economists, ecologists, policymakers, and community members, to foster sustainable and inclusive development.
Overall, ecological economics provides a framework to rethink and transform our economic systems to ensure long-term environmental sustainability, social justice, and economic well-being for present and future generations.
Etymology of ECOLOGICAL ECONOMICS
The word "ecological economics" is a compound term derived from two different fields: ecology and economics. Here is the breakdown of their etymology:
1. Ecology: The term "ecology" was first coined by German biologist Ernst Haeckel in 1866. It is derived from the Greek words "oikos" meaning "house" or "habitat" and "logos" meaning "study" or "knowledge". Therefore, "ecology" refers to the study or knowledge of the relationships between organisms and their environment.
2. Economics: The term "economics" has a longer history and can be traced back to ancient Greece. It comes from the Greek word "oikonomia" meaning "household management". The term has evolved to encompass the study of production, distribution, and consumption of goods and services within an economy.
