Ecological Economics
Ecological economics is now an active field between economics and ecology with annual conferences, international societies and an international journal. From 1956 to 1963 H.T.Odum worked as Director of the Marine Institute of the University of Texas. During this time Odum became aware of the interplay of ecological-energetic and economic forces. He therefore funded the research into the use of conventional economic approaches to quantify dollar values of ecological resources for recreational, treatment and other uses. This research calculated the potential value of primary production per bay surface area.
For Hall the importance of Odum's work came through his integration of systems, ecology, and energy with economics, together with Odum's view that economics can be evaluated on objective terms such as energy rather than on a subjective, willingness to pay basis.
Read more about this topic: Howard T. Odum
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