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Valuing the Earth: Economics, Ecology, Ethics

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As a citizen who is concerned about the health of the environment, I was enlightened by the essays in the first section of this book. The authors leave little room for doubt that the Earth can sustain a finite population, and for a finite length of time. Without any of the hysterical rhetoric which so often characterizes the political debate on this topic, these scholars demonstrate the fact that our existence on this, the eastern shore of Eden, is ephemeral.
As a student of economics, I was impressed by the lucid exploration of free-enterprise, steady-states, and market forces in the third section. This section is home to some of the best essays in the book: T. H. Tietenberg's exposition of free-market solutions to the pollution problem as well as Ken Townsend's expert discussion of the ecological problems facing the nations of the former communist world are as important as they are timely.
But, the most important respect in which I was struck by this book was as a human being. It is in the second section that Daly and Townsend--with the help of such friends as C. S. Lewis and E. F. Schumacher--address the important issue of morality. Are humans obligated to preserve something off this planet for future generations? How much consumption should we engage in? Does our economic system promote an ungodly destruction of the world in which we live.
The reader should not come to this volume without a willingness to challenge his own deeply held notions about the state of the environment or the economy's role in creating that state. Neither should a reader open this book if he is searching for easy solutions to our environmental problems.
Those readers with the courage to think, however, will not be dissatisfied.

For the advanced student of the discipline of ecological economics this essay-collection provides a handfull of the most influential classics of the field, of which many has been hard to come by for years. The essays by Garrett Hardin, Herman Daly, Nicholas Georgescu-Roegen and Paul and Anne Ehrlich are among the most frequently cited essays of the field - and for good reasons.

Edit of 21 Dec 07 to add links to more recent books that build on this.

This is one of three books that I bought for review with the intent of selecting one for broad pro-bono distribution. Although I chose "For the Common Good" and I recommend "Ecological Economics" as the one book to buy if you buy only one (see my reviews of those books at their own pages), this book is a treasure chest of original and current thinking that should certainly be in your hands if you can afford all three books. As another reviewer has noted, it finally re-publishes some of the hard to get original thinkers from the steady-state economics era of the 1970's. However, it does so with an ample leavening of 1990's authorship, and hence could reasonably be regarded as a first-class "readings" complement to the text book ("Ecological Economics").

There is a chart on page 20 of this book that is quite extraordinary. Titled "The ends-means spectrum", it brilliantly runs down from the top: Religion and Ethics as guidelines to ultimate and intermediate ends of humanity; to the middle Political Economy as a means of managing the factors of production to specific political ends; to the bottom: Technics and Physics as the "ultimate" foundation or "ground truth" of flow-entropy-matter-energy that must constrain political and religious ends.

This book, in which Kenneth N. Townsend is the second contributing editor-author, blends practical, political, economic, and theological writings, over several decades, in a most pleasing manner. E. F. Schumacher's "Buddhist Economics" jumped out at me, reminding me that our predominantly Protestant corporate capitalist ethos is very far removed from the realities that guide and repress billions around the Earth, all of whom have fewer options than we do. With that thought in mind, I strongly recommend William Greider's "The Soul of Capitalism: Opening Paths to a Moral Economy" as a very current complement to any of the books that Dr. Daly has helped bring into the marketplace of ideas.

See also, with reviews:

The Battle for the Soul of Capitalism: How the Financial System Underminded Social Ideals, Damaged Trust in the Markets, Robbed Investors of Trillions - and What to Do About It

Natural Capitalism: Creating the Next Industrial Revolution

Green to Gold: How Smart Companies Use Environmental Strategy to Innovate, Create Value, and Build Competitive Advantage