Ecological economics Ecological economics is a transdisciplinary field of academic research that aims to address the interdependence between human economies and natural ecosystems. It is distinguished from environmental economics by its connection to outside disciplines within the natural sciences, social sciences, and humanities and its focus on the "scale" conundrum, or how to operate an economy within the ecological constraints of earth's natural resources. According to ecological economist Malte Faber, ecological economics is defined by its focus on nature, justice, and time. Issues of intergenerational equity, irreversibility of environmental change, uncertainty of long-term outcomes, and sustainable development guide ecological economic analysis and valuation.[Malte Faber. (2008). How to be an ecological economist. Ecological Economics 66(1):1-7. Preprint.]
The identity of ecological economics as a field has been described as fragile, with no generally accepted theoretical framework and a knowledge structure which is not clearly defined.[ Ecological economists have questioned fundamental mainstream economic approaches such as cost-benefit analysis, and the separability of economic values from scientific research, contending that economics is unavoidably normative rather than positive (empirical).][Peter Victor. (2008). Book Review: Frontiers in Ecological Economic Theory and Application. Ecological Economics 66(2-3).] Positional analysis, which attempts to incorporate time and justice issues, is proposed as an alternative.[Mattson L. (1975). Book Review: Positional Analysis for Decision-Making and Planning by Peter Soderbaum. The Swedish Journal of Economics.]
Ecological economics includes the study of the metabolism of society, that is, the study of the flows of energy and materials that enter and exit the economic system. This subfield is also called biophysical economics, sometimes referred to also as
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