Economics

          The economy functions within and is dependent upon goods and services provided by natural ecosystems. The role of the environment is recognized in both classical economics and neoclassical economics theories, yet the environment was a lower priority in economic policies from 1950 to 1980 due to emphasis from policy makers on economic growth. With the prevalence of environmental problems, many economists embraced the notion that, "If environmental sustainability must coexist for economic sustainability, then the overall system must  identification of an equilibrium between the environment and the economy." As such, economic policy makers began to incorporate the functions of the natural environment or natural capital  particularly as a sink for wastes and for the provision of raw materials and amenities.

         Debate continues among economists as to how to account for natural capital, specifically whether resources can be replaced through knowledge and technology, or whether the environment is a closed system that cannot be replenished and is finite. Economic models influence environmental resource management, in that management policies reflect beliefs about natural capital scarcity. For someone who believes natural capital is infinite and easily substituted, environmental management is irrelevant to the economy. For example, economic paradigms based on neoclassical models of closed economic systems are primarily concerned with resource scarcity and thus prescribe legalizing the environment as an economic externality for an environmental resource management strategy. This approach has often been termed 'Command-and-control'. Colby has identified trends in the development of economic paradigms, among them, a shift towards more ecological economics since the 1990s.