Essays on Environmental Economics

Contents: Preface. 1. Introduction. 2. Changing perception of nature in economic thought. 3. Alienation of nature in economics. 4. Natural resources in economic theory. 5. Resource and energy analyses in economics. 6. Economic impact of climate change. 7. Transition from Carbon to non-Carbon sources of energy. Index.

"Neoclassical economics has outlived its usefulness in explaining the functioning of the economy in the changed context of the degradation of environment caused by economic activities. It failure to admit the law of entropy in the economic system has led to absurd claims for unlimited growth of economy and continuous substitutability of natural resources by man-made capital against the reality of constant dispersion of matter and energy from economic activities in the environment--an act that cannot but set limit to growth. Neoclassical economics, as the author argues, is incapable of responding to the challenges posed by environmental degradation caused by economic activities. It is time for changing the paradigm of economic theory. The author calls for redefining the boundaries of economics along the lines suggested by Nicholas Georgescu-Roegen." (jacket)