Economics and Ecology go hand in hand. Ecology can be best defined as the study of natural systems and economic are the studies of a human system or human market system. They both are types of systems that talk about interactions between components and processes of the system and how those lead to knowing how the system works as a whole. In economics we talk about market prices and the interaction of supply and demand. However in ecology we talk about interactions between various species, predators and prey, and how they lead to the diversity of the system and to difference in system stability and productivity. In all cases there might be a difference between economic and ecological approach. In an economic analysis the important boundary conditions might be of a political kind or might try to incorporate key facts of a web geologically distributed economic relationship.The core idea of ecological economics is that human economic activity is bound by absolute limits.Ecological economics conceives of the economy as an open system embedded in the larger systems of society and the biosphere. Economic activities are constrained by the biosphere’s carrying capacity.
It is usually assumed in ecological economics that our knowledge about both the social and natural systems (or, viewed together, social-ecological systems) are inherently limited, so that we face uncertainty or even ignorance about the relevant processes and interactions. In reference to the article “A Debate Arises on Job creation and Environment” by Motoko Rich and John Broder stated that ” Even if these rules have benefits that justify the cost, there is still a separate question on when it is the right time to impose these regulations” said John Gram. Basically what it means is even if the government comes up with rules and regulations, nobody knows when is the right time to impose these rule and the question is how many will of theses people will follow.
In conclusion, economic and ecological stability are undeniably incompatible. It becomes hard to prioritize any of them individually as they both play critical roles in ensuring the survival of mankind. With that knowledge in mind, there is need for formulation of laws that govern how resources are utilized as well as how far economic ventures can be carried out all over the world. In doing so, the environment will have been conserved while ensuring viable economic growth. .