‘We are living in truly dangerous times — the field of ecology can teach economics about cooperation and mutual survival’: Simon Levin
Simon A. Levin is the James S. McDonnell Distinguished University Professor in Ecology and Evolutionary Biology at Princeton University. Speaking to Srijana Mitra Das, he discusses lessons for economic systems from nature:
They are considered entirely separate fields — why do you say economy and ecology are
in fact similar?
The economist Kenneth Arrow once explained it was no coincidence that both ecology and economics begin with ‘eco’, which means ‘house’. Ecological systems are economic there is competition for resources, exploitation, etc., while economic systems are like ecology, with individuals making decisions, emergent patterns and the like.
Which economic causes underpin humanity’s environmental overreach?
There are two factors. First, there is discounting — we all discount the future. In making decisions, we emphasise the pleasures and benefits of the short term without paying adequate attention to long-term issues. People at different positions discount at different rates — a politician or a corporate head could discount the future at a higher rate because they must show results now. We also discount the future at different times — ‘hyperbolic discounting’ explains why many shift our diet plans to the next day. Then, we discount the interests of others.
We live in a global commons — yet, many of the problems we face are because the short-term interests of individuals are not necessarily in the collective good. We all need clean air and water and reduced conflict. We should all be concerned thus about
