WHP Logo

The White Horse Press

Environmental Values

Contents of Volume 1

Other volumes of EV

Environmental Values

Economics, ecology and sustainable development: are they compatible?

Anthony M. Friend

Environmental Values 1(1992): 157-170. doi: 10.3197/096327192776680142

The prevailing economic paradigm, in which a closed circular flow of production and consumption can be described in terms of 'natural laws' of the equilibrium of market forces, is being challenged by our growing knowledge of complex systems, particularly ecosystems. It is increasingly apparent that neo-classical economics does not reflect social, economic and environmental realities in a world of limited resources. The best way to understand the problems implicit in the concept of 'sustainable development' is provided by Ecological Economics a new synthesis in which the traditional virtue of thrift is justified using modern ideas from systems theory and thermodynamics.

KEYWORDS: ecological economics, entropy, natural resources, sustainable development, thrift

Reprints of this article can be ordered from the British Library Document Supply Service or ingenta

Contact the publishers for subscriptions and back numbers of Environmental Values.

The Old Vicarage, Winwick
Cambridgeshire, PE28 5PN, UK
Tel: +44 1832 293222