Anitra NelsonAssociate Professor, Centre for Urban Research, RMIT University Brian CoffeyVice-Chancellor’s Research Fellow, Centre for Urban Research, RMIT University, RMIT University As environmental crises and the urgency to create ecological sustainability escalate, so does the importance of ecological economics. This applied, solutions-based field of studies is concerned with sustainability and development, rather than efficiency and growth. Also, given that cities account for 70-80% of global economic activity and associated resource use, emissions and waste, they are central to finding solutions to the challenge of sustainability. Ecological economics recognises local to global environmental limits. It ranges from research for short-term policy and local challenges through to long-term visions of sustainable societies. Ecological economists also consider global issues such as carbon emissions, deforestation, overfishing and species extinctions. Core concepts You’re probably familiar with some core concepts of ecological economics. These include “steady-state economies”, “carrying capacity”, “ecological footprints” and “environmental justice”. A steady-state economy is both relatively stable and respects ecological limits. Drawing on the work of mathematician and economist Nicholas Georgescu-Roegen, economist Herman Daly elaborated the model, editing a 1973 anthology, Toward a Steady-State Economy. In 1990, Daly co-founded the International Society of Ecological Economics (ISEE). It had three key principles: the human economy is embedded in nature, and economic processes are actually biological, physical and chemical processes and transformations ecological economics is a meeting place for researchers committed to environmental issues ecological economics requires transdisciplinary work to describe economic processes in relation to physical reality. Joshua Farley, who has worked with Daly, discusses some of these principles in an opening address to the Australia New Zealand Society of Ecological Economics (ANZSEE) conference at RMIT University later this month. In a partnership program of several North American universities, Farley teaches Economics for the Anthropocene postgraduates. They apply ecological economics to “real-world environmental solutions”. Some will talk at the conference about their research. Today overconsumption is measured against Earth’s carrying capacity. William Rees and Mathis Wackernagel developed the […]