"I see the economy as an open subsystem dependent on the ecosystem for sources of raw material and sinks for waste material and energy. The ecosystem is finite, nongrowing, and materially closed. Our economy has grown so large relative to the system that its demands threaten to overwhelm the ecosystem's natural capacities to regenerate resources and to absorb wastes. To me, that means that the path of economic progress must shift from growth (quantitative expansion) to development (qualitative improvement). I am interested in the politics, technologies, institutions, ethics, and values that will be required if we are to make this transformation."
Herman E. Daly (Ph.D. in Economics, Vanderbilt, 1967) taught at Louisiana State University for twenty years, where he was Alumni Professor of Economics at the time of his departure in 1988. During this period he held visiting professorships at Yale, Federal University of Cera (Brazil), and the Australian National University. In 1988 he became Senior Economist in the World Bank's Environment Department. At the World Bank he helped develop policy guidelines related to sustainable development, and was engaged in environmental operations work in Latin America. In 1994 he came to the School of Public Affairs. Daly is co-founder and associate editor of the journal, Ecological Economics. He currently serves on the boards of directors of the Beijer Institute for Ecological Economics of the Swedish Royal Academy of Sciences, and of the World Watch Institute, and has been an advisor to many environmental non-governmental organizations. His books include Steady-State Economics (1977, second edition, 1991), For the Common Good (with John Cobb, 1989, second edition, 1994), and Valuing the Earth: Economics, Ecology, Ethics (edited with Kenneth Townsend, 1993). He teaches courses in ecological economics, and environment and development.
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