Neoclassical Economics vs Ecological Economics

Neoclassical economics and ecological economics have very different views on how to achieve sustainability. One of the reasons for this is that is that they start with different "preanalytic visions". The fundamental vision of neoclassical economics is the circular flow diagram, while the fundamental vision of ecological economics is the economy embedded within the biosphere. These differences are important, particularly given we have moved from an "empty world" to a "full world", as shown by our transgression of planetary boundaries.

[@javierbecerril]

Dear Prof. Dr. Dan O'Neill, thanks for the great video. I am teaching Environment and Economics at Universidad Autonoma de Yucatan. And your videos are quite useful. Kind regards. Javier

[@ChrisHolly]

great video! you should clearly have more followers. Love the content.

[@jawadalamin5812]

Very insightful content. Can you please make a video: environmental economics vs ecological economics

[@bidonnidob5265]

Your point is central. Neoclassical economists argue that they have patched their models putting prices on everything on earth... It is crucial to understand how problematic this patch is. In a word, they say that nature is an "externality". Nordhaus for instance in model DICE, assumes that gdp grows forever... and that climate change hurts part of this exponential growth. Astonishingly irrealistic...

[@tayibibrahimabdullahi5540]

Thank you. I have learned to understand this two notions

[@barbhazenveld9110]

Thanks Dan, great video. I will be using for my students

[@amberdiaz5847]

Thank you very much for the concise and informative video.

[@julianjot4151]

Great video, very informative! Can you publish your sources?

[@DrDanONeill]

Thanks for the kind words. I'm planning to add the references in the notes, when I get a bit of free time...

[@tomschuelke7955]

If only mainstream Economy would anticipate this.. i have seen many talsk from prof.Willam Rees.. so lets se if i find something new or better explained here...

[@peachkookki656]

In the end you mention empty world and full world What is it actually How can I connect it with ecological economics.

[@tomschuelke7955]

i suppose the öcological footprint analysis will give an answer so far, we use up 70% more of the Biosphere as it can genrate per Year.. we ar in overshoot. so clearly, we ar in a full world.