Summary of article on ecological economics
Summary of article on ecological economics
The article mainly looks into the contemporary society and tries to dissect it so as to give a much practical and vivid approach to the whole idea of poverty reduction, economic development, globalization and market liberalization.
The article begins with a summary which highlights how the whole world is being governed and driven by a common force of poverty reduction. This idea is well expounded and illustrated so as to enable the reader understand how everything is being treated in an ideal manner which is very far from the real situation.
The modern society has tried to work on the present and shun the past claiming of it as superstition that should not bother people. This has led to a society which appears to be working on idealism which is very far from being practically possible. The main aim of the paper is to analyze ecological economics which is a branch of economics geography and the whole idea of expansionism with all evidence available.
This idea is drawn from neoclassical market treads which are controlled by the free market forces. This idea aims at wealth maximization and pays very little attention to poverty reduction and consideration of other economic factors apart from wealth. With this concept, the idea of wealth redistribution or equitable resource distribution is overlooked.
Several flaws have been noted in this concept and may be outlined simply as:
1. Self deception of the people since they think of maximizing wealth whereas poverty is still there and is increased in some areas at the expense of others.
2. It is a dimensionless myth that is far from being a reality.
3. Wealth maximization is not an indicator of improved living standards.
4. Results in collapsing of macroeconomics.
1. Human well being is not faring well.
2. Free trade is comes at a higher cost thus it does not exist in the real world.
3. Some regions are developing at the expense of the others.
The alternative presented in this paper is ecological economics which treats economics as part of ecosphere. In this idea, economics is treated as part of ecosystem thus is dependent on human beings. By this interdependence, human activities have a direct impact on the economy. In this argument, economy is not a system of money flow but flow of matter within the ecosystem. This whole concept views human beings as objects of ecological economics which play a vital role in the economic development. The idea of social justice is also addressed by this type of economic development.
Reference
Rees, W. 2002. An ecological economic perspective on sustainability and prospects for ending poverty. In the journal ‘Population and Environment’ Springer publishers, volume 24 no: 1.
