Utopias and realism in ecological economics - Knowledge, understanding and improvisation

"What we are going through at the present time is not just an economic-financial crisis, but a crisis of humanity" (Max-Neef, 2010, p. 200). Despite problems within it, it is ecological economics which is now emerging as the most potent opponent to neo-classical economics. "It is ecological economics which addresses the most profound failure of neoclassical economics, the failure to deal adequately with resource depletion and environmental destruction both locally and globally" (Costanca, 1991). The complex challenges are anchored in a deep conflict between mainstream economics and the natural and social conditions, to harmonize this connection it would seem necessary to develop a valid understanding of the interconnectedness between economy, nature and society. The idea behind this article is four-fold. Firstly, we describe and discuss the ontological worldview in ecological economics. Secondly, the epistemological consequences of the ontological preconditions are discussed. Thirdly, some of the main concepts and principles in ecological economics are focused on. Fourthly, we discuss the realism of radical solutions in ecological economics. (C) 2012 Elsevier B.V. All rights reserved.