1. Ecological Economics for Sustainable Wellbeing Presented by Eric Miller At the 2015 PEF Summer School May 28 at Ryerson University

2. Ecological Economics Natural Resource Economics Insights from other scholarship Environmental Economics Waste Materials & Heat Outputs Firms Households Material & Energy Inputs

3. (Video from Anthropocene.info)

4. 1700 1800 1900 2000 Property rights Invisible hand Utilitarianism Comparative advantage Pareto efficiency Marginal analysis National accounts Equilibrium Origins of contemporary economic approaches General Theory Ecological Economics Natural Resource Economics Environmental Economics

6. efficient allocation equitable distribution biophysical scale

7. how well can markets deliver efficient outcomes?

8. Ease of excluding potential beneficiaries HighLow Subtract- ability of use HighCommon-pool resources LowToll goods Market failure Markets fail to reward supply Markets accelerate depletion Private goods Public goods Adapted from Ostrom (2008) Market failure spills over here

9. what should we do to manage market failure?

10. how is nature a factor of economic production?

11. ecosystem services ecosystem goods Natural capital Human wellbeing Built Capital and Human Capital

12. ecosystem services ecosystem goods $$ GDP 0 0 0 0 0 Market value Fuel Building materials Food (Plus others) Continental wildlife benefits Global GHG sequestration Regional aesthetic enjoyment Local water filtration Local water quantity regulation Economic benefits ## / time Biophysical supply $$ / time Non-Market value ESV IntegrateSustain Natural capital

13. how much natural capital needs to be conserved?

14. ecosystem services ecosystem goods Natural capital Biophysically Sustainable Human wellbeing Built Capital and Human Capital Biocapacity (supply)Ecological footprint (biocapacity demanded) If supply > demand: sufficient natural capital to sustain current demand If supply < demand: insufficient natural capital to sustain current demand

16. Extracted from WWF Living Planet Report (2014)

17. how should ecosystem services be economically valued?

18. Extracted from Peterson (2010) New (English) scholarly publications about ecosystem services

19. Extracted from Miller and Lloyd-Smith (2012) New publications about ecosystem services in Ontario (from EVRI)

20. Many databases aggregate information and make it searchable

21. Extracted from Troy and Bagstad (2009) Spatial inventories relate values to elements of a landscape

22. how should we model environment-economy interactions?

23. how should we consider the present value of future environmental values?

24. what are some synergies with other heterodox economics?

25. Ecological Economics Homo reciprocans Markets, households, institutions, nature = market + nonmarket value Governments balance the economy Globalization of Fair Trade Quality of work and life 20 th century economics Homo economicus Markets (and a bit of government) Economic value = market value Governments balance budgets Globalization through “Free Trade” Quantity of jobs

26. what are some tensions with other forms of heterodox economics?

27. Ecological Economics GDP growth may or may not be economic Solve market failures Sustainability goals inform prices Technological realism: impacts = fn(scale, intensity) Focus on distribution to manage scarcity 20 th century economics GDP growth = “Economic growth” Promote market expansion Prices inform sustainability goals Technological optimism: improve intensity to reduce impacts Increase demand to overcome scarcity

28. Extracted from WWF Living Planet Report (2014)

30. Canadian Society for Ecological Economics www.cansee.org as a chapter of the International Society for Ecological Economics www.ecoeco.org www.cansee.org www.ecoeco.org Ontario Network on Ecosystem Services www.ONEcosystemServices.ca

31. References cited Global Footprint Network. 2015. The footprint and biocapacity of Ontario, Canada: comparing results for 2005 and 2010. Produced for the Ontario Ministry of Natural Resources. Miller, E and P. Lloyd-Smith. The Economics of Ecosystem Services and Biodiversity in Ontario (TEEBO). Prepared for the Ontario Ministry of Natural Resources. Ostrom, E. 2008. “Design principles of robust property-rights institutions: What have we learned?” In ed. K. Gregory Ingram and Yu- Hung Hong. 2009. Property Rights and Land Policies. Cambridge, MA: Lincoln Institute of Land Policy. Peterson, G. 2010. Growth of ecosystem services concept. Resilience Science. http://rs.resalliance.org/2010/01/21/growth-of-ecosystem-services-concept/ http://rs.resalliance.org/2010/01/21/growth-of-ecosystem-services-concept/ Troy, A and K. Bagstad. 2009. Estimating Ecosystem Services in Southern Ontario. Published by the Ontario Ministry of Natural Resources. WWF. 2014. Living planet report: species and spaces, people and places. Produced in collaboration with the Global Footprint Network, Water Footprint Network, and the Zoology Society of London. Embedded video is from Anthropocene.info which is a collaborative project between researcher and communicators from some of the leading scientific research institutions on global sustainability, including the International Geosphere-Biosphere Program (IGBP).Anthropocene.info