Ecology, Environment and Conservation Paper

SCOPE AND NATURE OF ECO!OGICAL ECONOMICS

I. Sundar

Abstract

Ecological economics is a recent development of neo-classical environmental economics. Environmental economics is based on micro-economics or price theory of individual consumer and business behaviour and it does not emphasize concern over the scale of the economy. However, ecological economics has a strong tie to sustainability in terms of distribution and efficient allocation of resources.This paper conceptualizes ecological economics from a wider perspective.This paper outlines the implications of law of thermodynamics on ecological economics and major role of ecological economics in safeguarding the life support system.This paper analyses the role of ecological economics in resource management. Finally it concludes with some policy measures to increase the utility of this subject to mankind.