Economics, Equity and the Ecological Predicament
Advances in Ecological Economics series
Edited by Joshua Farley and Deepak Malghan
Chapter 1: The foundations for an ecological economy: an overview
This book began as a single-volume Festschrift to honor the work of Herman Daly, one of the pioneers of ecological economics. Unfortunately, the destiny of too many Festschrifts is to sit on the shelf unread, and we believe that among all economists, Daly’s ideas are the most important to disseminate and apply. Furthermore, given the significance of Daly’s contributions and the numerous scholars he has influenced, a single volume would be inadequate. We have therefore chosen to publish two volumes in different formats: one volume available in print or as an ebook with Edward Elgar Publishing and the other an online, open-access ebook downloadable at http://www.uvm.edu/~jfarley/BUG. Daly came of age as an economist during the 1960s, a time of increasing alarm over the ecological impacts of economic growth, population growth and global inequality. Mainstream economists as a whole were largely complacent about these issues, trusting in technology and substitution to address resource limits (Barnett and Morse, 1963; Simpson et al., 2005) and in markets to distribute wealth in proportion to an individual’s role in creating it (Clark, 1908). Continuous economic growth would provide the resources to protect the environment and eliminate poverty and incentives to have fewer children, stabilizing the global population (see Daly, 1977 for a detailed discussion).