Herman E. Daly
Herman E. Daly
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Full Name and Common Aliases
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Herman E. Daly was a renowned American economist, author, and academic who made significant contributions to the field of ecological economics.
Birth and Death Dates
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Herman E. Daly was born on August 21, 1938, in New York City, USA. He passed away on October 28, 2020.
Nationality and Profession(s)
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Daly's nationality was American, and he worked as an economist, author, and professor.
Early Life and Background
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Herman E. Daly grew up in a family that valued education and encouraged his intellectual pursuits from an early age. He developed a strong interest in economics during his high school years, which led him to pursue a degree in the subject at Johns Hopkins University. After completing his undergraduate studies, he went on to earn his Ph.D. in Economics from Michigan State University.
Major Accomplishments
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Daly's work had a profound impact on the field of ecological economics. Some of his major accomplishments include:
Development of Ecological Economics: Daly is widely recognized as one of the pioneers of ecological economics, an approach that seeks to integrate economic and environmental concerns.
Critique of GDP: He was critical of the use of Gross Domestic Product (GDP) as a measure of economic success, arguing that it failed to account for the depletion of natural resources and environmental degradation.
Advocacy for Sustainable Development: Daly's work emphasized the need for sustainable development, which balances economic growth with social justice and environmental protection.
Notable Works or Actions
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Some of Daly's notable works include:
"Ecological Economics: The Science and Management of Sustainability" (1996) - This book is considered a seminal work in the field of ecological economics.
"Beyond Growth: The Economics of Sustainable Development" (1997) - In this book, Daly critiques the concept of endless economic growth and argues for a more sustainable approach to development.
Impact and Legacy
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Herman E. Daly's contributions have had a lasting impact on the field of economics and beyond. His work has influenced policymakers, academics, and activists around the world. Some of his notable legacies include:
Shaping Ecological Economics: Daly's work helped establish ecological economics as a distinct field of study.
* Raising Awareness about Unsustainable Development: Through his writings and advocacy, he brought attention to the need for sustainable development and the limitations of GDP as a measure of economic success.
Why They Are Widely Quoted or Remembered
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Herman E. Daly is widely quoted and remembered due to his influential work on ecological economics and his critique of unsustainable development practices. His ideas continue to resonate with people around the world who are seeking more sustainable and equitable approaches to economic development.
Quotes by Herman E. Daly
Herman E. Daly's insights on:
The economy has gotten bigger, the ecosystem has not. How big has the economy become relative to the ecosystem?
Growth chestnuts have to be placed on the unyielding anvil of biophysical realities and then crushed with the hammer of moral argument.
If nonsatiety were the natural state of human nature then aggressive want-stimulating advertising would not be necessary, nor would the barrage of novelty aimed at promoting dissatisfaction with last year’s model. The system attempts to remake people to fit its own presuppositions. If people’s wants are not naturally insatiable we must make them so, in order to keep the system going.
But the macro-economy is not the Whole. It too is a Part, a part of the larger natural economy, the ecosphere, and its growth does inflict opportunity costs on the finite Whole that must be counted.
The problem with the World Bank has to do with development – the spreading of Western over-consumption worldwide.
The individualism of current economic theory is manifest in the purely self-interested behaviour it generally assumes. It has no real place for fairness, malevolence, and benevolence, nor for the preservation of human life or any other moral concern.
Presumably, technology has made man increasingly independent of his environment. But, in fact, technology has merely substituted nonrenewable resources for renewables, which is more an increase than a decrease in dependence.
We say we need to clean up the environment; to clean up the environment, we need to be richer. But maybe getting richer is actually making us poorer.
Growth is widely thought to be the panacea for all the major economic ills of the modern world.