The Great Simplification with Nate Hagens Herman Daly: "Toward an Ecological Economics”
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Feb 2, 2022 AI Snips
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Economy As A Subsystem Of Nature
- Ecological economics studies the relationship between the human economy and the larger biosphere as nested households.
- It highlights flows across the boundary and asks how the economy fits within and damages the biosphere.
Growth Creates Central Externalities
- When the economy grows relative to the finite biosphere, externalities that were negligible become central.
- Ecological economics seeks to change theory so the biosphere's capacity is internalized, not treated as an externality.
Why Ecological Economics Was Blocked
- Ignorance alone didn't stop ecological economics from entering the mainstream; vested interests and ideology did.
- Daly identifies material, intellectual, and quasi-religious beliefs in human omnipotence as barriers to change.