Search results
Results from the WOW.Com Content Network
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 ...
It is the study of the ways and means by which human societies procure and use energy and other biological and physical resources to produce, distribute, consume and exchange goods and services, while generating various types of waste and environmental impacts. Biophysical economics builds on both social sciences and natural sciences to ...
A 2018 study noted that the global economic impact is underestimated by a factor of two to eight, when tipping points are excluded from consideration. [ 105 ] The Stern Review from 2006 for the British Government predicted that world GDP would be reduced by several percent due to climate related costs.
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.
An economic impact analysis only covers specific types of economic activity. Some social impacts that affect a region's quality of life, such as safety and pollution, may be analyzed as part of a social impact assessment, but not an economic impact analysis, even if the economic value of those factors could be quantified. [2]
The economics and policy area focuses on the human aspects of environmental problems. Traditional areas of environmental and natural resource economics include welfare theory, land/location use, pollution control, resource extraction, and non-market valuation, and also resource exhaustibility, [ 5 ] sustainability , environmental management ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
But environmental effects on political and economic processes were under-emphasised. [14] Conversely, Julian Steward and Roy Rappaport's theories of cultural ecology are sometimes credited with shifting the functionalist-oriented anthropology of the 1950s and 1960s and incorporating ecology and environment into ethnographic study. [17]