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Bulletin of Science, Technology & Society
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Incorporating Values in a Bottom-Line Ecological Economy

Herman E. Daly

University of Maryland

The search for a social goodness function in economic systems is reviewed, especially in light of the fact that the economy is a subsystem of a biosphere that has its own rules for determining success, or at least for limiting feasibility. The frequent perversity of reductionist quantitative success indicators in economics (profit, quotas, GDP) is mainly attributed to the preanalytic vision of the economy as an isolated circular flow, and of homo economicus as an atomistic individual isolated from community, both social and biological. Specific examples of such perversity are considered.

Key Words: tastes • values • oikonomia • chrematistics • externalities • scale • fungibility

Bulletin of Science, Technology & Society, Vol. 29, No. 5, 349-357 (2009)
DOI: 10.1177/0270467609342702
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