Economic theories, though social constructions, can reflect reality to varying degrees. In the face of dire environmental challenges, adopting a realistic theory is key to the survival of global civilization. The neoliberal emphasis on limitless growth and monetary flows, a relic of nineteenth century thinking, abstracts away from biological conditions. By contrast, ecological economics—as distinct from environmental economics, which remains wedded to the neoliberal growth paradigm—understands the economy as…

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Brilliant theoretical essay by ecological footprint founder William Rees but ending with unjustified optimism.

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