Application of Ecological Economics to Development: The Institutional Dimension

Abstract

"Ecological Economics (EE) is more than the sum of conventional economics and conventional ecology. Among the defining characteristics of Ecological Economics are: (a) the holistic view of the environment-economy system; (b) the view of the economic system as a subset of the natural system of the earth (the human household as part of nature's household}); (c) a primary concern with natural capital, resources and environmental services, which are the basis of any economic activity (in the EE view resources are not considered free. They are considereed to have a status similar to human-made capital, thus the term, natural capital); and (d) greater concern with a wider range of human values than those normally considered by economists, including, for example, a moral obligation for future generations."