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ecological economics – what is it, and what differs it from environmental economics? Eva Friman 2011 the concept of economic growth as a paradigm shift in economic thought in the 1950s classical economics neoclassical economics ontology time- and space bound national wealth wealth universal in time and space epistemology/ theory economics as normative/ contextualization economics as valueneutral/ de-contextualization (concrete and specific) (abstract and general) limited economic expansion unlimited economic growth conclusion on limits Eva Friman 2011 modernist economic discourse Eva Friman 2011 neoclassical economics Eva Friman 2011 classical theory institutional theory Eva Friman 2011 basic assumptions environmental economics ecological economic one-dimensional human nature multi-dimensional human nature insatiable needs satiable needs, insatiable wants efficiency in focus; distribution and equity secondary (if that) distribution and equity in focus; efficiency secondary nature as instrumental – value if value given nature as intrinsically valuable scarcity as budget restrictions scarcity as physical restrictions Eva Friman 2011 needs & wants needs satiable, must be satisfied to survive wants insatiable, must not be satisfied to survive Eva Friman 2011 basic assumptions environmental economics ecological economics economy as autonomous economy as subsystem to ecology environment as choice of consumption environment as basis for consumption optimizing allocation and externalities optimizing physical scale environmental crisis as result of lack of clearly defined property rights and nonpriced externalities environmental crisis as result of a free-floating economic system Eva Friman 2011 weak and strong sustainability natural capital cultural capital human made capital – substitutes or complements? Eva Friman 2011 weak and strong sustainability substitutes complements weak sustainability strong sustainability (priority to efficiency) (priority to sustainability) keeping total capital intact and keeping intact human made natural capital separately, plus current situation means natural capital needs to grow Eva Friman 2011 environmental economics ecological economics – pricing the environment – defining property rights – environmental investments – redistributing wealth (global North/global South) (i.e. reforming neoclassical theory) (investing in nature/natural capital, reducing through-put, i.e. GDP) Eva Friman 2011 environ. econ. sustainability ecol. econ. sustainability weak sustainability sustainable economic growth strong sustainability non-growing through-put (change in high-income countries’ T; eco-modernism) (change in high-income countries’ T and A; eco-logism) Eva Friman 2011 GDP and ISEW Eva Friman 2011