Editing Ecological economics (section)

== Nature and ecology ==

{{Main|Nature|Ecology|Planetary boundaries}}

[[File:Diagram of natural resource flows-en.svg|thumb|upright=1.2 |Natural resources flow through the economy and end up as waste and pollution.]]

A simple [[circular flow of income]] diagram is replaced in ecological economics by a more complex flow diagram reflecting the input of solar energy, which sustains natural inputs and environmental services which are then used as units of [[Production (economics)|production]]. Once consumed, natural inputs pass out of the economy as pollution and waste. The potential of an environment to provide services and materials is referred to as an "environment's source function", and this function is depleted as resources are consumed or pollution contaminates the resources. The "sink function" describes an environment's ability to absorb and render harmless waste and pollution: when waste output exceeds the limit of the sink function, long-term damage occurs.<ref name=Harris2006>Harris J. (2006). ''Environmental and Natural Resource Economics: A Contemporary Approach''. Houghton Mifflin Company.</ref>{{rp|8}} Some persistent pollutants, such as some organic pollutants and nuclear waste are absorbed very slowly or not at all; ecological economists emphasize minimizing "cumulative pollutants".<ref name=Harris2006/>{{rp|28}} Pollutants affect human health and the health of the ecosystem.

The economic value of natural capital and [[ecosystem services]] is accepted by mainstream environmental economics, but is emphasized as especially important in ecological economics. Ecological economists may begin by estimating how to maintain a stable environment before assessing the cost in dollar terms.<ref name=Harris2006/>{{rp|9}} Ecological economist [[Robert Costanza]] led an attempted valuation of the global ecosystem in 1997. Initially published in ''Nature'', the article concluded on $33 trillion with a range from $16 trillion to $54 trillion (in 1997, total global [[GDP]] was $27 trillion).<ref name=Costanza1998>{{cite journal | author = Costanza R | year = 1998 | title = The value of the world's ecosystem services and natural capital1 | journal = Ecological Economics | volume = 25 | issue = 1 | pages = 3–15 | doi = 10.1016/S0921-8009(98)00020-2 | bibcode = 1998EcoEc..25....3C | url = https://discovery.ucl.ac.uk/id/eprint/10189378/ |display-authors=etal}}</ref> Half of the value went to [[nutrient cycling]]. The open oceans, continental shelves, and estuaries had the highest total value, and the highest per-hectare values went to estuaries, swamps/floodplains, and seagrass/algae beds. The work was criticized by articles in ''Ecological Economics'' Volume 25, Issue 1, but the critics acknowledged the positive potential for economic valuation of the global ecosystem.<ref name=Harris2006/>{{rp|129}}

The Earth's [[carrying capacity]] is a central issue in ecological economics. Early economists such as [[Thomas Malthus]] pointed out the finite carrying capacity of the earth, which was also central to the MIT study ''[[Limits to Growth]]''. [[Diminishing returns]] suggest that productivity increases will slow if major technological progress is not made. Food production may become a problem, as [[erosion]], an impending [[Water security|water crisis]], and [[soil salinity]] (from [[irrigation]]) reduce the productivity of agriculture. Ecological economists argue that [[industrial agriculture]], which exacerbates these problems, is not [[sustainable agriculture]], and are generally inclined favorably to [[organic farming]], which also reduces the output of carbon.<ref name=Harris2006/>{{rp|26}}

Global [[wild fisheries]] are believed to have peaked and begun a decline, with valuable habitat such as estuaries in critical condition.<ref name=Harris2006/>{{rp|28}} The [[aquaculture]] or [[fish farm|farming]] of [[piscivorous]] fish, like [[salmon]], does not help solve the problem because they need to be fed products from other fish. Studies have shown that [[Aquaculture of salmon|salmon farming]] has major [[Salmon farming issues|negative impacts]] on wild salmon, as well as the [[forage fish]] that need to be caught to feed them.<ref name="Salmon Run">
Knapp G, Roheim CA and Anderson JL (2007) [http://search.worldwildlife.org/cs.html?url=http://www.worldwildlife.org/what/globalmarkets/wildlifetrade/WWFBinaryitem4985.pdf&qt=The+Great+Salmon+Run&col=&n=4 ''The Great Salmon Run: Competition Between Wild And Farmed Salmon'']{{dead link|date=January 2018 |bot=InternetArchiveBot |fix-attempted=yes }} [[World Wildlife Fund]]. {{ISBN|0-89164-175-0}}</ref><ref>Washington Post. [https://www.washingtonpost.com/wp-dyn/content/article/2007/12/13/AR2007121301190.html Salmon Farming May Doom Wild Populations, Study Says].</ref>

Since [[animal]]s are higher on the [[trophic level]], they are less efficient sources of food energy. Reduced consumption of meat would reduce the demand for food, but as nations develop, they tend to adopt high-meat diets similar to that of the United States. [[Genetically modified food]] (GMF) a conventional solution to the problem, presents numerous problems &ndash; [[Bt corn]] produces its own ''[[Bacillus thuringiensis]]'' toxin/protein, but the pest resistance is believed to be only a matter of time.<ref name=Harris2006/>{{rp|31}}

[[Global warming]] is now widely acknowledged as a major issue, with all national scientific academies [[scientific opinion on climate change|expressing agreement]] on the importance of the issue. As the population growth intensifies and energy demand increases, the world faces an [[energy crisis]]. Some economists and scientists forecast a global ecological crisis if energy use is not contained &ndash; the [[Stern report]] is an example. The disagreement has sparked a vigorous debate on issue of [[discounting]] and intergenerational equity.

<gallery caption="GLOBAL GEOCHEMICAL CYCLES CRITICAL FOR LIFE" widths="200px" heights="140px">
Image:Nitrogen Cycle.svg|[[Nitrogen cycle]]
Image:Water cycle.png|[[Water cycle]]
Image:Carbon cycle-cute diagram.svg|[[Carbon cycle]]
Image:Oxygen cycle.svg|[[Oxygen cycle]]
</gallery>