Conventional economics focuses on growth, while ignoring environmental impacts. Ecological economics aims to balance prosperity with sustainability.
Ecological economics recognizes that our economies rely on healthy ecological systems. It values natural capital as much as financial capital.
Key principles include:
- Accounting for nature's services like clean air, water, soil health, biodiversity.
- Setting limits to resource use and waste within planetary boundaries.
- Prioritizing well-being rather than consumption. Pursuing green GDP over just GDP.
- Rethinking business models to be regenerative and distributive by design.
- Enforcing polluter pays principle and full cost pricing of ecological damage.
- Investing in green infrastructure, clean technology, ecosystem restoration.
- Promoting cooperative structures and decentralized, self-reliant communities.
With ecological economics guiding policy, we can develop truly sustainable systems meeting human needs while respecting ecological limits. The health of the economy depends on the health of the environment.