ECONOMY: Ecological Economics

Via Scoop.itTeaching Economics

“Many people would agree that the central desirable end of economic activity is a high quality of life for this and future generations. Conventional economists argue that humans are insatiable, and therefore economics should focus on endless economic growth and ever-increasing consumption. Considerable evidence, however, suggests that humans are in fact satiable-there is a point beyond which increasing consumption does not make us better off. Market economies—in which the prices of goods and services are determined by the interplay of supply and demand in voluntary exchanges—play a critical role in the modern world. Market forces determine the quantity of oil pumped, minerals mined, forests cut, and fish caught. They determine the industries to which these resources are allocated, how much labor and capital are employed to convert them to market products, and who gets to consume those products.”
Via energybulletin.net

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Posted on December 9, 2011, in Uncategorized. Bookmark the permalink. Leave a comment.

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