The Convergence of Neo-Ricardian and Embodied Energy Theories of Value and Price
Author(s)
Judson, D. H.
Abstract
Ecological economics differs from orthodox economics in its focus on the compatibility between the human economy and ecosystems over the long term. Ecological economists address the issue of translating environmental values into monetary values, but are skeptical about expressing future, uncertain, or irreversible externalities into monetary terms. The study of distributional issues in ecological economics constitutes a new field which the authors of this article call political ecology. Like the classic tradition of political economy, political ecology deals with distributional conflicts, but with an added focus on the interests of future generations, other species, and with special attention to non-marketed natural resources and environmental services. Rather than seeking to internalize externalities through actual or surrogate markets, ecological economists recognize the incommensurability of many environmental resources and services. This article examines how ecological distribution conflicts are related to allocations of property rights, the distribution of income, and methods of valuing the future.
