Ecological Economics Vs. Welfare Economics Essay - 2086 Words

Ecological Economics vs Neoclassicial Welfare Economics In the past, economic school of thought regarded the resources as unlimited and focused on more production under the light of the unlimited growth assumption. Every economic action was suggested to only consider about making more profit. While the economy and the human population are growing; more natural resources are used and more pollution is observed. Human become to deal with the results of its production such as enviromental problems and resource scarcity. A debate has emerged in economics and the mainstream economics is brought into question since its unlimited growth assumption is collapsed. Ecological economists argues the neoclassical welfare economics for ignoring the enviromental and ethic values by only focusing on the cost-benefit analysis. It also claims that the neoclassical economics fails to calculate the value of the enviromental capital and the loss of the economic activities on the environment. This paper is going to explain the problems with the neoclassical wel fare economics and the alternatives offered by the ecological economics in terms of economic growth and environment. The neoclassical welfare economics explains the economic production and behaviour by using the mainstream terms of economic literature. Specifically, it focuses on the Pareto efficieny and suggests two theorems related to it. Firstly, the Pareto efficieny is stated by maximisation of preferences under a restricted budget andShow MoreRelatedEcological Economics Vs. Neoclassical Welfare Economics Essay2053 Words   |  9 PagesEcological Economics vs Neoclassical Welfare Economics In the past, the economic school of thought regarded the resources as unlimited and focused on more production under the light of the unlimited growth assumption. Every economic action was suggested to only consider about making more profit. 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