Ecological Thought in Economics: Exploring the Intersection of Environmentalism and Economic Theory

Introduction

There are no clear distinctions between us (humans) and other animals, which is one of the truths that biologists have taught us over the past 150 years. In addition, the idea of the individual itself has become hazy as a result of research in genetics, evolutionary biology, and studies of the social behavior of primates and other animals (Diamond, 2006).

These two observations are frequently used as uplifting, positive, or explicative remarks about how things are in the world. Nonetheless, they have significant ramifications for our value theories and recommendations for public policy.

One strategy is to apply to other species the standard moral notions of rights, obligations, value, etc. that apply to humans. Yet, this strategy has a flaw because these conventional moral ideas are individualistic. It is needed that we should go the extension the opposite way and consider what happens to conventional moral ideas when the boundaries between individuals and species are blurred.

The intersection of ecological thought and economics has become an increasingly important topic in recent years, as concerns about environmental sustainability and climate change have intensified. Ecological thought challenges the traditional economic model of unlimited growth and resource consumption, and advocates for a more holistic approach that considers the interconnectedness of economic systems and the natural environment. This proposal outlines a research that aims to explore the evolution of ecological thought in economics and its potential implications for economic theory and policy.

Limits of the environment and limits of the human psyche are two boundary constraints that in the long term govern all economic systems, although neoclassical economic theory only partially acknowledges them. Because of this short-term thinking, we now must deal with long-term effects on the environment and society. We need a fresh perspective on the goals and effects of economic activity. To achieve this, it will be necessary to do more than simply adapt our economic thinking to consider environmental and sociopsychological constraints. By creating a unified set of values that considers cost-benefit trade-offs in the environment and our social structures, we cannot resolve our looming issues. These trade-offs rely on comparisons of quantified aggregate results, which presuppose some sort of easy substitutability among all the identifiable components in the ledger. The complexity of ecological and social systems, however, makes such comparisons difficult and sometimes impossible. Therefore, a more holistic approach is needed, which recognizes the interconnectedness and interdependence of economic, social, and ecological systems. This approach requires us to re-evaluate our values and goals as a society, and to prioritize sustainability, equity, and resilience in our economic systems. Only then can we hope to create a future that is both prosperous and sustainable for all humans.