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Ecological Limits and Economic Development$
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Ramprasad Sengupta

Print publication date: 2013

Print ISBN-13: 9780198081654

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780198081654.001.0001

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Economic Theory and Ecological Limits

Economic Theory and Ecological Limits

(p.17) 2 Economic Theory and Ecological Limits
Ecological Limits and Economic Development

Ramprasad Sengupta

Oxford University Press

The chapter shows how the ecological limits to economic scale affecting the human well-being have been accommodated and analysed in the micro and the macroeconomic theory by treating the consequent problems of resource scarcity and environmental degradation essentially as ones of externalities and public good in the context of allocation of resources. It reviews the approaches of the two schools of thought - environmental economics and ecological economics – that emerged in response to the challenges posed by the ecological limits on economic development. The environmental economics treats the natural environment as a separate sector for internationalizing the externalities, while the ecological economics takes a more interdisciplinary approach of integrating the ecological factors governing resource regeneration and waste absorption into the economic models. It further shows how the framework and the methodological approach of neoclassical economics are amenable to such modifications so as to adequately address such interdisciplinary issues.

Keywords:   Ecological Limits to Scale, Microeconomics, Macroeconomics, Environmental Economics, Ecological Economics, Ecological Limits and Equity, Sustainable Development

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