In what way do ecological economists differ from resource economists?

Ecological economists distinguish themselves by integrating the intrinsic value of natural capital into their economic models. This approach recognizes that nature provides essential ecosystem services and resources that cannot be adequately represented by conventional monetary measures alone. By considering the intrinsic value of ecosystems, ecological economists argue for a more holistic view of the economy that accounts for environmental sustainability and the long-term viability of resource use.

This perspective contrasts with many traditional resource economists, who often focus primarily on optimizing resource extraction and utilization without fully accounting for ecological impacts or the value of ecosystems beyond their market performance. By acknowledging and incorporating the intrinsic value of natural capital, ecological economists aim to promote sustainable practices that safeguard ecological well-being alongside economic growth.

The other options do not accurately reflect the principles of ecological economics. For instance, focusing solely on financial profits fails to capture the broader objectives of sustainability that drive ecological economics. Similarly, emphasizing rapid industrial growth contradicts the sustainable development goals central to the discipline. Lastly, excluding environmental impacts from economic calculations is not a characteristic of ecological economics, which actively seeks to integrate these impacts into economic considerations. Thus, the incorporation of intrinsic value is a defining aspect of ecological economics, highlighting its commitment to sustainability and ecological integrity.