We have combined economics and ecology and turned them into Ecolonomics because – although they are two different disciplines – they basically talk about the same problems from two different angles.
When we study economics, we are trying to figure out how to use our resources efficiently so that we can maximize our wealth while minimizing wastage. The meaning of the word “economics” was “art of managing a household,” which later on changed to the “science of wealth.”
Over the years, scientists and economists have agreed that environment plays a major role in our lives. Our health and wealth largely depends on how we use our resources and how well we manage our planet, and so, we are going to combine these two and learn about Ecolonomics.
Basics of modern economics
The basic purpose of economics is to understand what people want and need, and to produce goods and services to satisfy them. So, the primary goal is to determine what to supply people. In this process, market plays a critical role because all producers exchange their goods and services for money.
Modern economics takes environmental impacts into consideration. So understanding modern economics gives you the knowledge to produce goods and services with minimum costs, while maximizing benefits, based on market demands, production costs, labor distribution, marketing costs, supply of the products and services, and so on, while having minimum impact on the environment.
Many of the green industries and businesses today have recognized the importance of sustainability. Simply put, the modern businesses believe in prosperity without pollution.
What is Ecolonomics?
Although economics and ecology are not new fields of study, Ecolonomics is relatively a new term. The term Ecolonomics was coined by the late Emmy-award winning actor, Dennis Weaver. His intention was to promote sustainable alternatives that are economically profitable. This term creates a bridge between these two interdisciplinary fields, and study them as one.
“We work with ecopreneurs that are striving to make the planet better. We’ve spent billions of dollars and thousands of years messin’ the planet up, now we need to show people how to make it better and make a little money too.”- Dennis Weaver
Simply put, Ecolonomics means maintaining natural resources in ways that benefit us economically. The key focus here is to maintain natural resources at their present level or better.
Rebuilding, reusing, and recycling
Classical economics stresses that economies function most efficiently if everyone is allowed to pursue his or her self-interest. In this economy, a free market was necessary. But there was a problem with classical economics. The theories of classical economics were largely based on the assumption that our resources are unlimited on this planet. However, we cannot grow our economy infinitely large on a planet that’s finite itself.
Ecolonomics works in similar ways that economics does, but tries to address the problems with natural resources and sustainable issues in more depth. A possible solution for the finite world that we live in could be rebuilding, reusing and recycling what we already have. This is where sustainable and ecological economy begins.
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Source: Institute of Ecolonomics
Related articles and resources:
- Ecolonomics– Economics & Ecology The New Concepts Of Sustainability | Institute of Ecolonomics
- Understanding Sustainable Economics and the Future | Institute of Ecolonomics
- Ecolonomics – How Ecological Economics Can Improve Our Lives | Institute of Ecolonomics
- How to Promote Your Business as a Green Business | Institute of Ecolonomics
- Turn Your Passion into a Green Business | Institute of Ecolonomics