What do you mean by Ecological Economics?

Answer 1

A relatively new discipline, rooted from french Physiocratic school of thought, which tries to incorporate and adress the economic and ecological issues in transdisciplinary way with the fair bit of stress on the Ethics (of Distribution - who should get what?).

EE has a notion of strong sustainability, which suggests that the EE is sceptical regarding the total technology substitution of finite Natural Resources.

EE adopts the idea of "Spaceship" Economics invented by K. Boulding and opposes to the idea of "cowboy" economy. Idea here is that the Earth is a closed system with minimum (Sun) or no input or output opportunities.

Thus EE recognises that Earth has a a certain carrying capacity and ultimate finite resources which can not be substituted by technology (total depletion).

It is important to note that EE is not entirely against the technology possibilities. It does recognise the possible benefits of technology development but sees it as a Complement to the solution of conserving and maintaining finite Natural Resources and definititely don't see technology as a total alternative to NRs. Therefore EE serves as an opponent to the traditional Neoclassical concept of economic theory where technology substitution of NRs is considered to be the direct way of reasoning in the discussions on Environmental stress and loss of ecosystems.