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Rating: 
Summary: A Solid Text on an Increasingly Important Science
Review: Ecological economics is a relatively new field that I believe will be central to economics in this century. This text book presents the basics. It is more comprehensive than most other works in this area, and also has greater depth. (If this is your first expedition into ecological economics, though, you might want to try instead "Beyond Growth", by one of this book's co-authors.)
This text book points out that ever-greater material consumption provided by never-ending economic growth is the agreed-upon end for traditional economics and most of modern society. The problem with this conventional approach is that it is impossible to achieve, and probably would be undesirable anyway even if we could achieve it.
The text offers a fresh approach to one of the most important economic problems of our time. Conventional economics papers over the problem of just distribution of wealth by buying off the poor with the offer of a larger slice of an ever-growing economic pie. Unfortunately, using conventional economic measures like GDP, the pie may look larger even as it is actually shrinking. This ultimately helps no one, least of all the poor. The book argues convincingly that a steady-state economy offers hope of real progress in this area.
I don't agree with some of the author's points. The authors spend a lot of time arguing about determinism, relativism, and nihilism, and state that rejection of all these doctrines is necessary for someone to have any opinions on policy. Their argument seems to be that belief in an ultimate end such as God is necessary to believe that anything matters at all. The book's logic here strikes me as a lot less airtight than the authors seem to think. I know plenty of Christians who believe that due to the imminent Second Coming of Christ, humanity's future isn't likely to extend more than a few decades into the future. This belief understandably leads to a certain disregard for the whole concept of sustainability. Many believers in God also think that what we do to the earth doesn't matter very much, because it is all part of God's plan, and anyway the afterlife is what really counts. The atheists of my acquaintance tend, on average, to be much more concerned about humanity's long-term future, since they can't count on God to pull a rabbit out of a hat.
The text's authors criticize the idea that sustainability can be achieved by internalizing all external costs and benefits. Such internalization has problems, certainly, but I think the problems are more solvable than the authors do. I very much liked the text's analysis of goods as excludable or non-excludable, and rival or non-rival. For nonexcludable rival goods (such as fisheries) the authors state that rational self-interest creates an invisible foot that kicks the common good in the rear--one of the many memorable phrases in this book.
I was glad to see a discussion of the positional nature of welfare--meaning that above a certain subsistence level our sense of well-being is largely dependent on how we compare to those around us. I think this is a very important subject that is entirely ignored by conventional economics. What's the point of trashing the planet to achieve higher incomes, if we're not actually any happier as a result of those higher incomes? (After all, even a glance at People Magazine is enough to show that it's possible to be very rich and utterly miserable.) The text's authors admit that quantifying what really makes people happy is difficult, but point out that on something as important as this, it is better to use an economic measure that is vaguely right rather than precisely wrong. Bravo!
I disagree with much of the authors' discussion of monopolies. I think that monopolies under certain circumstances can be helpful in achieving sustainability. Since this is the subject of some of my own research, though, I won't discuss it here.
I especially enjoyed this book's chapters on policy. The nutshell here is that sustainability is the proper criterion for the overall scale of the economy, and that justice is the proper criterion for distribution. The authors make a good case for the necessity of using input quotas to restrict depletion of resources, which I hadn't realized before. I would have liked to have seen more discussion of population issues, though.
Overall, a very good book for someone who is interested in ecological economics and wants to go in deeper.
Rating: 
Summary: Good effort, but limited viewpoint
Review: "Ecological Economics" is a recent publication written by H.E. Daly and J. Farley. The former is a well-known academic in the field of ecological economics. Although it is tempting to state that the book would make an excellent textbook for undergraduate students, or even high school students with an interest in economics and the environment, the authors note that the it is not really a textbook because it is not "a presentation of accepted concepts and propositions of a well-defined academic discipline". Indeed, the authors do not claim that ecological economics is a discipline in its own right, but rather a transdiscipline. In other words, ecological economics is a move away from the traditional concepts that have become enshrined in neoclassical economics, but still "under construction". This means that the contents of the book remain under debate in current economic thought, and any follow up texts may differ significantly from this all-encompassing attempt to introduce us to the transdisciplinary field of ecological economics.The text may thus be inappropriate for readers who do not already possess an understanding of the history of economic thought and knowledge of the problems with the underlying assumptions and failures of existing economic models. Nevertheless, the text is simple enough to be understood by newcomers to the field as it contains the principles on which neoclassical economics is based, covering microeconomics, macroeconomics, international trade and policy. What is different in this book is that all aspects of economics are viewed from the point of our natural environment. In fact, an extensive section on "the containing and sustaining ecosystem" precedes the more traditional topics mentioned above. The last portion of the book outlines that the text focuses on three issues: the allocation of resources, the distribution of income and the scale of the economy relative to the ecosystem. In particular, the latter is emphasized. In part six, the book comes to the conclusion that three policy actions are required. They include that a quantitative limit be set to reflect sustainable scale, deciding on ownership of scarce resources, and finally, after political decisions have been made, trading and efficient market allocation. The guiding viewpoint of the authors is heavily focused on policy. The book does cover some of the new thinking and models of ecological economics, such as the laws of thermodynamics, Pigouvian taxes, stock-flow and fund-service resources by Georgescu-Roegen, and other established theories in ecological economics. What is lacking is an attempt to remodel some of the neoclassical work, but we can forgive the authors this gap since the book is a not meant to be a theoretical academic paper. However, academics in this field may consequently find that they disagree with large portions of the text. A strength of the book is its inclusion of references to well-known papers in the field, which makes it a very useful text for graduate students in the field. In addition, the layout is handy. It contains excellent tables and excerpts that summarize important concepts and complex issues. The text is interspersed with "Think about it!" questions, that force the students to apply the recently reviewed concept to an alternative situation, and helps them to develop a deeper understanding of the implications. At the end of each chapter, there is a "Big Ideas to Remember" section, which outlines key phrases and concepts that students need to know. Each section of the book, furthermore, contains a brief summary. This is not so much a review of the section as a reminder of what is really being said and what the author's viewpoints are. Some of the chapters that contain more complex ideas also have brief summaries. In general, this book should be applauded for an excellent effort to cover the key ideas current in ecological economics. However, there are gaps and weaknesses in the text, such as the fact that only a few ecological economics theories are covered. In a way, the book attempts to dictate what we should do or think, rather than presenting students with a more overall, open-minded presentation of ideas in the field. I would have preferred the book to encourage more thought-provoking alternatives to some of the solutions presented.
Rating:
Summary: Most up-to-date and detailed "textbook" in this area
Review:
Dr. Herman E. Daly may well be a future Nobel Prize winner ...he is especially well-regarded in Norway and Sweden, where he has received prizes one step short of the Nobel. He is the author, co-author, or primary contributing editor of many books that fully integrate the disciplines of economics and ecology. I bought the three most recent for the purpose of selecting one to give out at my annual Global Information Forum. I ended up choosing "For the Common Good: redirecting the economy toward community, the environment, and a sustainable future", in part because it is available in paperback and is not a more expensive "trade" publication; and in part because it is strong in laying out specific ecological policy areas in the context of a strong theological or ethical perspective. More on that in its own review.
Of the three books (the third one that I reviewed is "Valuing the Earth: Economics, Ecology, Ethics") this, the text-book, is assuredly the most up-to-date and the most detailed. If you are buying only one book for yourself, this is the one that I recommend, because these are important issues and a detailed understanding is required with the level of detail that this book provided. It should, ideally, be read with "Valuing the Earth" first (see my separate review of that book, from the 1970's updated with 1990's material and new contributions), then "For the Common Good", and finally the text book as a capstone. But if you buy only one, buy this one. Tables of contents rarely do justice to the contents but in this case, they excel. This is one of the most intelligent, structured, useful outlines it has been my privilege to examine. Read the Table of Contents information provided by the publisher to satisfy yourself. From Part I with three chapters (An Introduction to Ecological Economics) to Part II with 4 chapters (The Containing and Sustaining Ecosystem: The Whole) to Parts III and IV (Microeconomics and Macroeconomics, respectively, five and four chapters each) to Part V with four chapters (International Trade), and finally to Part VI (Policy) with chapters on General Policy Design Principles, on Sustainable Scale, on Just Distribution, and on Efficient Allocation, the content of the book is elegantly organized and accurately described. Readings and other references make this a true textbook suitable for policy adults, graduate students, and undergraduates. It is the perfect single book in this field, not least because of its appreciation for religious vision and ethics as a foundation for making decisions that favor sustainable community over corporate greed and government fiat. Dr. Joshua Farley as co-author appears to have brought a rich background as first an understudy and then an original contributor in his own right. God willing, America will one day have a President that uses the co-authors as primary advisors, along with E. O. Wilson, Brian Czech, and J. F. Rischard, among a handful I particularly respect. I feel a real sense of privilege in having discovered these three books and the work of Dr. Daly. At the age of 52, as I see America and the world inflamed by ideologues and crooks betraying the public trust, I cannot help but feel that those of us old enough and experienced enough to think for ourselves have a 20-year intellectual and moral battle ahead of us, one that will determine the future of the Earth. Anyone old enough to drive needs to read at least one of his books, but those of us old enough to feel fully equal to the task of confronting our sell-out Senators and sell-out Representatives need to arm ourselves with the specifics that Drs. Daly and Farley offer us, and join the battle for managing the commonwealth in favor of all of us.
Rating:
Summary: Most up-to-date and detailed "textbook" in this area
Review:
Dr. Herman E. Daly may well be a future Nobel Prize winner ...he is especially well-regarded in Norway and Sweden, where he has received prizes one step short of the Nobel. He is the author, co-author, or primary contributing editor of many books that fully integrate the disciplines of economics and ecology. I bought the three most recent for the purpose of selecting one to give out at my annual Global Information Forum. I ended up choosing "For the Common Good: redirecting the economy toward community, the environment, and a sustainable future", in part because it is available in paperback and is not a more expensive "trade" publication; and in part because it is strong in laying out specific ecological policy areas in the context of a strong theological or ethical perspective. More on that in its own review.
Of the three books (the third one that I reviewed is "Valuing the Earth: Economics, Ecology, Ethics") this, the text-book, is assuredly the most up-to-date and the most detailed. If you are buying only one book for yourself, this is the one that I recommend, because these are important issues and a detailed understanding is required with the level of detail that this book provided. It should, ideally, be read with "Valuing the Earth" first (see my separate review of that book, from the 1970's updated with 1990's material and new contributions), then "For the Common Good", and finally the text book as a capstone. But if you buy only one, buy this one. Tables of contents rarely do justice to the contents but in this case, they excel. This is one of the most intelligent, structured, useful outlines it has been my privilege to examine. Read the Table of Contents information provided by the publisher to satisfy yourself. From Part I with three chapters (An Introduction to Ecological Economics) to Part II with 4 chapters (The Containing and Sustaining Ecosystem: The Whole) to Parts III and IV (Microeconomics and Macroeconomics, respectively, five and four chapters each) to Part V with four chapters (International Trade), and finally to Part VI (Policy) with chapters on General Policy Design Principles, on Sustainable Scale, on Just Distribution, and on Efficient Allocation, the content of the book is elegantly organized and accurately described. Readings and other references make this a true textbook suitable for policy adults, graduate students, and undergraduates. It is the perfect single book in this field, not least because of its appreciation for religious vision and ethics as a foundation for making decisions that favor sustainable community over corporate greed and government fiat. Dr. Joshua Farley as co-author appears to have brought a rich background as first an understudy and then an original contributor in his own right. God willing, America will one day have a President that uses the co-authors as primary advisors, along with E. O. Wilson, Brian Czech, and J. F. Rischard, among a handful I particularly respect. I feel a real sense of privilege in having discovered these three books and the work of Dr. Daly. At the age of 52, as I see America and the world inflamed by ideologues and crooks betraying the public trust, I cannot help but feel that those of us old enough and experienced enough to think for ourselves have a 20-year intellectual and moral battle ahead of us, one that will determine the future of the Earth. Anyone old enough to drive needs to read at least one of his books, but those of us old enough to feel fully equal to the task of confronting our sell-out Senators and sell-out Representatives need to arm ourselves with the specifics that Drs. Daly and Farley offer us, and join the battle for managing the commonwealth in favor of all of us.
Rating:
Summary: At last what we needed
Review: Here at last is a book that sees ecological economics not as a branch of economics or a school of economics but as a broader and deeper system of ideas that includes the sound elements of conventional economics. Herman Daly, the Grand Old Man of the steady state economy, and Joshua Farley, his able younger follower, have produced a comprehensive and very readable synthesis. Traditional economists see natural resources as a subsystem of the world economy. This book presents the economy as a subsystem of the global ecosystem. The effect is like that of climbing a tall tower and seeing that a familiar city was all along part of an island whose fields and forests are in danger of disappearing under the advancing suburbs. The authors have not shied away from including controversial ideas, and there are some that I do not agree with, but that just adds to the stimulation. Not only have I adopted this as the textbook for a course in ecological economics, but I would like to see it read by all economists. This is not a specialist branch of economics; it is the only kind of economics appropriate to the new century.
Rating:
Summary: Revolutionizes the traditional approach to a social science
Review: The collaboration of academicians Herman Daly (University of Maryland, School of Public Affairs) and Joshua Farley (Gund Institute of Ecological Economics, University of Vermont), Ecological Economics: Principles And Applications is a scholarly economics textbook that also incorporates the critical importance of such factors as clean air and water, species diversity, and social and generational equity. An introductory-level resource ideal for both students and non-specialist general readers with an interest in economics and ecology, Ecological Economics revolutionizes the traditional approach to a social science while retaining a tight grasp upon core driving principles of macroeconomics and microeconomics alike. A seamlessly integrated, holistic approach to understanding and appreciating the tangled complexities of the modern world.
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