Ethical Considerations and Economics Essay

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ethics for economics in the Anthropocene given the significance of ethical considerations in ecological economics. Based on the discussion, ethics play an important part in the establishment of scientifically-based economics (Brown & Timmerman, 2015, p.67). This implies that industry experts, policy makers and other key stakeholders should consider ethics and moral issues when establishing scientifically-based economics. This type of economics, which is also known as ecological economics comprise energy and material flows. Energy demonstrates the significance of ethical considerations in this case because adoption of environmentally-friendly strategies and practices require ethics. In this regard, an ethical foundation should be established in order to achieve such practices and ensure sustainability across industry practices.

Through emphasis on ethical considerations in development of scientifically-based economics, Brown & Timmerman (2015) seemingly implies that one of the reasons environmentally harmful practices have dominated the energy sector is the failure to establish an ethical foundation. Even though industry players in the energy sector are required to have code of ethics for their operations, these policies are seemingly not established on strong ethical foundations. This would help create an ethic of respect and relationship between humans and the non-human world and contribute to sustainable use of the Earth's natural resources. Environmental sustainability is achieved through a strong ethical foundation because ethics enable people to not only have respect for life but also respect the universe since it makes life possible. Respect for the universe in turn influences the kind of practices we embrace when obtaining resources from the Earth, particularly with regards to energy. Ethical considerations are crucial towards adoption of environmentally-friendly practices and achieving sustainability.

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Chapter 4 -- Reflection

For ecological economics to be effective in achieving its desired goals, some essential indicators are used to evaluate progress. However, these essential indicators are considered beneficial when they are preceded by clear definitions, are consistent, and focus on measuring what they are designed to measure. These factors imply that measurement of essential indicators of ecological economics requires the establishment of suitable criteria for the process. Without establishing criteria that is based on these factors, the process will be ineffective and unable to meet desired objectives. The criterion is in turn utilized as the basis for creating a methodological framework for measurements that facilitate the creation of pertinent indicators to ecological economics (Brown & Timmerman, 2015, p.121).

An important aspect of creation of methodological framework for measuring essential indicators of ecological economics is scientific principles. The failure to apply scientific principles in measurement of ecological economics results in challenges in measurements. To this extent, the authors seemingly postulate that science is the basis of ecological economics. This is primarily because ecological economics incorporate some elements or aspects that are not incorporated or are ignored in neoclassical economics. The utilization/application of scientific principles helps in monitoring economic activity and environmental state with regards to effectiveness and efficiency.

Therefore, the basis of monitoring economic activity vis-a-vis environmental status is scientific principles. These principles help to understand whether economic activities contribute to the greater good and sustainability of the environment. Such insights or information is obtained by looking at environmental practices and economic activities from the lenses of science rather than economics, which dominate modern day approaches.

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