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The economic value of natural capital and ecosystem services is accepted by mainstream environmental economics, but is emphasized as especially important in ecological economics. Ecological economists may begin by estimating how to maintain a stable environment before assessing the cost in dollar terms.
Environmental economics is related to ecological economics but there are differences. Most environmental economists have been trained as economists. They apply the tools of economics to address environmental problems, many of which are related to so-called market failures—circumstances wherein the "invisible hand" of economics is unreliable ...
Ecosystem valuation is an economic process which assigns a value (either monetary, biophysical, or other) to an ecosystem and/or its ecosystem services.By quantifying, for example, the human welfare benefits of a forest to reduce flooding and erosion while sequestering carbon, providing habitat for endangered species, and absorbing harmful chemicals, such monetization ideally provides a tool ...
Ecological economics includes the study of societal metabolism, the throughput of resources that enter and exit the economic system in relation to environmental quality. [ 17 ] [ 19 ] An economy that can sustain GDP growth without harming the environment is said to be decoupled.
For example, according to weak sustainability, replacing a natural forest with a park or agricultural land can be considered sustainable if the recreational or economic value equal the value of the biodiversity lost and further environmental impact caused. According to strong sustainability, cutting down trees in a natural forest and planting ...
Ecological energetics is the quantitative study of the flow of energy through ecological systems. It aims to uncover the principles which describe the propensity of such energy flows through the trophic, or 'energy availing' levels of ecological networks. In systems ecology the principles of ecosystem energy flows or "ecosystem laws" (i.e ...
A green economy is an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment. [1] [2] [3] It is closely related with ecological economics, but has a more politically applied focus.
The basic conceptualization of nature from the perspective of environmental economics is that manufactured capital can be used as a substitute for natural capital. [13] The definition of PES provided by environmental economics is the most popular: a voluntary transaction between a service buyer and service seller that takes place on the condition that either a specific ecosystem service is ...