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1 page/≈275 words
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APA
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Social Sciences
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English (U.S.)
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Neo-classical economic theory. Social Sciences Essay (Essay Sample)

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Economist Herman Daly characterizes neo-classical economic theory as being analogous to a biologist trying to understand the functioning of an animal by considering only its circulatory system and ignoring its digestive system which connects the animal “firmly to the environment at both ends!” How is this analogous to neo-classical economic theory? What kind of environmental problems does this kind of neo-classical economic thinking lead to? Explain and provide examples.

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Neo-Classical Economic Theory
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Neo-Classical Economic Theory
Herman Daly is credited with the popularization of the concept of a steady state economy or economics of stable in his book “Towards a Steady State Economy” published in 1973 (Patterson, 2009). Daly is one of the founders of ecological economics, a field of research that studies how human economies interact with the natural environment. The economist likens neo-classical economic theorists to biologists attempting to understand the functioning of an animal by solely considering its circulatory system while disregarding its digestive system that links the animal firmly to its ecosystem at both ends. Like other classical economic experts such as Malthus, Mill, and Ricardo, Daly differs with the neoclassical economic theorists as regards to having economies witness a constant growth (Mendel University, n.d).

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