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Of Ecosystems and Economies: Re-connecting Economics with Reality

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  • Spash, Clive L.

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  • Smith, Tone

Abstract

This discussion paper looks at the connections between economies and ecosystems, or more generally biophysical reality. The term "economies" is used, rather than "the economy", because of the prevalent false claim that there is only one type of economic system that is possible. We outline how the ecological crises is linked to the dominant drive for economic growth and the tendency to equate growth with progress and development; common even amongst those apparently critical of the need for continued growth in the materially rich countries. The unreality of mainstream economics is epitomised by the accolades given to those justifying mild reformist policy in response to human induced climate change in order to continue the pursuit of economic growth. We emphasise the structural aspects of economies as emergent from and dependent upon the structure and functioning of both society and ecology (energy and material flows). Finally, that the structure of the global economy must change to avoid social ecological collapse, poses the questions of how that can be achieved and what sort of economics is necessary? We explain the need for: (i) a structural change that addresses the currently dysfunctional relationships between economic, social and ecological systems, and (ii) an economics that is interdisciplinary and realist about its social and natural science relations.

Suggested Citation

  • Spash, Clive L. & Smith, Tone, 2019. "Of Ecosystems and Economies: Re-connecting Economics with Reality," SRE-Discussion Papers 6903, WU Vienna University of Economics and Business.
  • Handle: RePEc:wiw:wus009:6903
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    References listed on IDEAS

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    1. Jeremy Baskin, 2015. "Paradigm Dressed as Epoch: The Ideology of the Anthropocene," Environmental Values, White Horse Press, vol. 24(1), pages 9-29, February.
    2. Giampietro, Mario & Mayumi, Kozo & Ramos-Martin, Jesus, 2009. "Multi-scale integrated analysis of societal and ecosystem metabolism (MuSIASEM): Theoretical concepts and basic rationale," Energy, Elsevier, vol. 34(3), pages 313-322.
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    4. Ayres, Robert U., 1998. "Eco-thermodynamics: economics and the second law," Ecological Economics, Elsevier, vol. 26(2), pages 189-209, August.
    5. Clive L. Spash, 2011. "Terrible Economics, Ecosystems and Banking," Environmental Values, White Horse Press, vol. 20(2), pages 141-145, May.
    6. Kapp, K William, 1970. "Environmental Disruption and Social Costs: A Challenge to Economics," Kyklos, Wiley Blackwell, vol. 23(4), pages 833-848.
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    10. Clive L. Spash, 2009. "The New Environmental Pragmatists, Pluralism and Sustainability," Environmental Values, White Horse Press, vol. 18(3), pages 253-256, August.
    11. Pirgmaier, Elke, 2017. "The Neoclassical Trojan Horse of Steady-State Economics," Ecological Economics, Elsevier, vol. 133(C), pages 52-61.
    12. Hall, Peter A. & Gingerich, Daniel W., 2009. "Varieties of Capitalism and Institutional Complementarities in the Political Economy: An Empirical Analysis," British Journal of Political Science, Cambridge University Press, vol. 39(03), pages 449-482, July.
    13. Daly, Herman E, 1974. "The Economics of the Steady State," American Economic Review, American Economic Association, vol. 64(2), pages 15-21, May.
    14. Clive L. Spash & Anthony Ryan, 2012. "Economic Schools of Thought on the Environment: Investigating Unity and Division," Cambridge Journal of Economics, Oxford University Press, vol. 36(5), pages 1091-1121.
    15. Vatn, Arild, 2005. "Rationality, institutions and environmental policy," Ecological Economics, Elsevier, vol. 55(2), pages 203-217, November.
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    17. Herman E. Daly, 1968. "On Economics as a Life Science," Journal of Political Economy, University of Chicago Press, vol. 76, pages 392-392.
    18. Clive L. Spash & Heinz Schandl, 2009. "Challenges for Post Keynesian Growth Theory: Utopia Meets Environmental and Social Reality," Chapters,in: Post Keynesian and Ecological Economics, chapter 3 Edward Elgar Publishing.
    19. Spash, Clive L., 2007. "The economics of climate change impacts a la Stern: Novel and nuanced or rhetorically restricted?," Ecological Economics, Elsevier, vol. 63(4), pages 706-713, September.
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    Keywords

    growth; development; economics; ecosystems; thermodynamics; political economy; critical realism;

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