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Cambridge Journal of Economics 2005 29(2):207-222; doi:10.1093/cje/bei033
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Cambridge Journal of Economics, Vol. 29, No. 2, © Cambridge Political Economy Society 2005; all rights reserved

The approach of ecological economics

John Gowdy and Jon D. Erickson*

* Rensselaer Polytechnic Institute and University of Vermont, respectively

Address for correspondence: Professor of Economics, Department of Economics, Rensselaer Polytechnic Institute, Troy, New York 12180, USA; email: gowdyj{at}rpi.edu

This paper discusses the major tenets of ecological economics—including value pluralism, methodological pluralism and multi-criteria policy assessment. Ecological economics offers viable alternatives to the theoretical foundations and policy recommendations of neoclassical welfare economics. A revolution in neoclassical economics is currently taking place, and the core assumptions of welfare economics are being replaced with more realistic models of consumer and firm behaviour. This paper argues that these new theoretical and empirical findings are largely ignored in applied work and policy applications in environmental economics. As the only heterodox school of economics focusing on the human economy both as a social system and as one imbedded in the biophysical universe, and thus both holistic and scientifically based, ecological economics is poised to play a leading role in recasting the scope and method of economic science.

Key Words: Ecological economics • Heterodox economics • General equilibrium analysis • Climate change

JEL classifications: B40, B50, Q01

Manuscript received May 15, 2002; final version received September 19, 2003.


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