THE ECO-ECONOMIC REVOLUTION

The Eco-Economic Revolution



The Eco-Economic Revolution

Main Idea of the Article

The main idea behind this article is the support for the economy based on the ecological system rather than on market economy system. The reason behind this idea is the failure of market system to realize the importance of the costs of goods and services. The economy can only sustain if it relies in the principles of ecology. The market system has not created any favor towards the economies of the countries. Therefore, all the economies are now realizing the importance of ecology and they are even working on its application. (Amin, 1974)

Three Important Facts

The three important facts that the author has used in order to support his idea are that the market system provides incorrect information to the economic decision makers at all levels. Therefore, it has led to the distortion of the economy and there is a huge need to apply the principles of ecology in the economic systems of the country. The second major failure of the market system has been is to provide the reliable information when Governments try to subsidize the environmentally destructive activities that have taken place in the country and depletion of resources which causes damage to the environment. The biggest example is the development of roads or bridges, fly-over's that sometimes crosses through the trees and forests of the country. This damages the trees and forests which creates a negative impact on the environment of the country. The even affects the rivers, streams if the planning of the roads was not done correctly. The soil erosion can even take place so the Government of all the countries needs to realize this aspect. The third major failure of the market system is the inability to preserve the natural resources and the animals especially the fishery industry as lot of polluted substance flows inside the river that affects the fishes very badly. The fishery industry is one of the most important sources of economy in some of the countries so in that scenario, the proper maintenance of this industry becomes a vital need. Therefore, these were the three important facts regarding the main idea behind the failure of market system. (Benton, 2001)

INFORMATION THAT IS BEING DISCUSSED IN THE TEXT BOOK

The information that is being discussed in the text book is the importance regarding the ecological system and all its benefits that it can provide to the environment of the country and to the economy of the country. The whole process of the ecological system has been explained and the failures of the market system have also been mentioned in details. The text book in which all this information has been included is the McGraw Hill Companies, 2010 and the page numbers are 26, 27, 28 and 29. The chapter in which all this information is included is Ecology over Economics, Imagining the scope of change and Restructuring the Economy. (Benton, 2001)

Examples of Faulty Material

There is not any faulty material in this article ...