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Institutional and Ecological Economics: The Role of Technology and Institutions in Economic Development

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  • Daphne T. Greenwood
  • Richard P. F. Holt

Abstract

This paper examines the roles of institutions and technology in economic development from the institutionalist perspective as well as from that of ecological economists who are concerned with sustainability of development. Both schools are critical of mechanistic, deterministic models used in neoclassical economics, of over reliance on market solutions, and of “value free” economics. Both use biological metaphors to describe the operation of economies. But there are important differences in how ecological and institutional economists have approached growth and development, primarily whether technology and human knowledge are inherently leading to destructive consequences and whether natural forces or institutions are the ultimate constraint to economic growth.

Suggested Citation

  • Daphne T. Greenwood & Richard P. F. Holt, 2008. "Institutional and Ecological Economics: The Role of Technology and Institutions in Economic Development," Journal of Economic Issues, Taylor & Francis Journals, vol. 42(2), pages 445-452, June.
    • Handle: RePEc:mes:jeciss:v:42:y:2008:i:2:p:445-452
    DOI: 10.1080/00213624.2008.11507153
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    Cited by:

    1. Mark Swilling, 2010. "Sustainability, poverty and municipal services: the case of Cape Town, South Africa," Sustainable Development, John Wiley & Sons, Ltd., vol. 18(4), pages 194-201.
    2. Paul, Bénédique, 2009. "Institutional capital: A new analytical framework on theory and actions for economic development," MPRA Paper 39018, University Library of Munich, Germany.
    3. Barra, Cristian & Falcone, Pasquale Marcello, 2024. "Institutional quality and bioeconomy performance in European countries: Unveiling the evidence," Ecological Economics, Elsevier, vol. 220(C).
    4. Ondřej Horký, 2011. "Falešná neutralita neoklasické teorie: feministická, antropologická, evoluční a ekologická kritika [The False Neutrality of the Neoclassical Theory: Feminist, Anthropological, Evolutionary and Ecol," Politická ekonomie, Prague University of Economics and Business, vol. 2011(3), pages 329-344.
    5. Ron Wallace, 2019. "Addressing the Malaise in Neoclassical Economics: A Call for Partial Models," Economic Thought, World Economics Association, vol. 8(1), pages 40-52, June.
    6. Paul, Bénédique, 2009. "Reclaiming Institutions as a Form of Capital," MPRA Paper 39017, University Library of Munich, Germany.
    7. Renata Klafke & André Torres Urdan & Simone R. Didonet & Maik Arnold, 2021. "Institutional theory, culture and value co-creation: how do they stick together in donation?," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 18(3), pages 447-466, September.
    8. Agafonow, Alejandro & Perez, Marybel, 2024. "Overhauling multinationals for the Anthropocene: How a rogue subsidiary offers a blueprint for sustainable development," Ecological Economics, Elsevier, vol. 222(C).

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