This timely book advances a distinct understanding of the economy as embedded in natural and socio-political processes. It shows how ecological economics, if turned into a discipline grounded in critical realism, institutional theory and sustainability-oriented values, holds significant potential for supporting the development of a sustainable future. Rethinking Ecological Economics aims at developing ecological economics into a coherent professional position. Arild Vatn explores the potential of institutional theory - with its specific understanding of human action and value formation - as the basis for such an endeavor. Economic systems are human constructions and what values are advanced in production and consumption depend on how they are structured. Present institutional structures favor powerful short-term individual interests that endanger the Earth. The book lays the ground for analyzing how long-term common interests can become privileged, and discusses how respecting Earth system boundaries can be ensured through thoroughgoing changes in political and economic institutions. This book is a vital read for scholars and students of environmental and ecological economics, as well as mainstream and heterodox economists interested in environmental challenges.

It is also a beneficial resource for practitioners in environmental management and those active in civil society organizations working on conservational issues.