The Role of Ethnoeconomics in Promoting Sustainable Consumption and Production Patterns: A Pathway to Environmental Protection and Economic Prosperity

Ethnoeconomics, a multidisciplinary field, is gaining prominence as a pivotal component in promoting sustainable consumption and production patterns (SCP). This chapter identifies the relationship between ethnoeconomics, environmental protection and economic prosperity, offering a comprehensive understanding of its theoretical framework, practical applications, and policy implications. Begins by elucidating the essence of ethnoeconomics, tracing its evolution, and emphasizing its interconnectedness with SCP. Theoretical models and approaches are explored, shedding light on the role ethnoeconomics plays in driving environmental sustainability and economic well-being. Indigenous knowledge, held by various communities, emerges as a cornerstone of SCP. This knowledge is invaluable in preserving biodiversity, advocating for food security, and underpinning cultural sustainability. Ethnoeconomics serves as a bridge to this traditional wisdom, contributing to sustainable agriculture, conservation, and resource management. Ethnoeconomics extends its influence into the realm of sustainable business and entrepreneurship, showcasing indigenous entrepreneurship models, ethical sourcing, and fair-trade practices. These initiatives empower indigenous communities while fostering environmental stewardship and green enterprises. Policy and governance implications are addressed, emphasizing the integration of ethnoeconomics into sustainable policy frameworks and the legal and regulatory aspects of its implementation. Challenges and opportunities on the path to ethnoeconomic sustainability are explored, along with the importance of international collaboration in this endeavour. Measuring the impact of ethnoeconomics on SCP becomes a focal point, involving the development of indicators and metrics, data collection, analysis, and assessing the environmental and economic outcomes. Long-term monitoring and evaluation are key to understanding the lasting effects of ethnoeconomic initiatives. Concludes by contemplating future directions in ethnoeconomics, emerging trends, research gaps, and its implications for sustainable economics. Ethnoeconomics is positioned as a cornerstone of ecological footprint reduction, contributing to the global pursuit of a sustainable, environmentally friendly, and economically prosperous future.